German bank DZ Bank will now offer cryptocurrency custody services to its institutional clients. In doing so, the country’s second largest bank has partnered with Metaco, the company behind Harmonize, a technology that allows financial institutions to guard and manage digital assets.
DZ Bank, a new German bank adopts Cryptocurrency
The list of banks offering digital asset custody services continues to grow in Germany. After the German bank Dekabank it is the turn of its competitor DZ Bank to get into the crypto industry. Indeed, DZ Bank will now offer its institutional clients a secure custody service for their digital assets.
For the success of this new venture DZ Bank relies on the Harmonize platform. Developed by the Swiss company Metaco, Harmonize is a solution that enables financial institutions to better hold and manage digital assets.
DZ Bank is an important player in the German banking market. With 297 billion euros under management, DZ Bank is the second-largest banking institution in Germany. The adoption of cryptocurrency is expected to further enhance the growth of this banking institution by attracting new customers. At least that’s what Nils Christopeit, a manager of DZ Bank who also praises the platform Harmonize, is hoping for.
Metaco, a partner in the transition of banks to crypto
Digital Asset Custodial Service Offering by DZ Bank was possible thanks to its collaboration with Metaco. Founded in 2015 and based in Switzerland, the company Metaco is set out to support financial institutions in the transition to the crypto industry. For this reason, it has developed Harmonize, a digital asset custody and management platform. This platform allows for customized risk and compliance monitoring and complete segregation of client assets.
Through its digital custody and asset management technology infrastructure, Metaco has earned the trust of the world’s leading fund managers. In the past eight months, four major banking institutions have adopted cryptocurrency with Metaco’s guidance. Shortly before DZ Bank, its main competitor in Germany, Dekabank has migrated to the crypto industry thanks to Metaco. Recently, Metaco has also signed similar contracts with the Société Générale and Citibank.
Highly critical and indifferent to crypto at first, regulated financial institutions are increasingly trusting digital assets. This is an indicator of the maturity of the crypto market. Thanks to the expertise and guidance of companies like Metaco, today’s fervent detractors of crypto will undoubtedly become its advocates tomorrow.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
