{"id":18067,"date":"2023-02-25T14:08:50","date_gmt":"2023-02-25T14:08:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/germanys-dz-bank-to-offer-crypto-custody-with-swiss-firm-metaco-finance-bitcoin-news\/"},"modified":"2023-02-25T14:08:50","modified_gmt":"2023-02-25T14:08:50","slug":"germanys-dz-bank-to-offer-crypto-custody-with-swiss-firm-metaco-finance-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/germanys-dz-bank-to-offer-crypto-custody-with-swiss-firm-metaco-finance-bitcoin-news\/","title":{"rendered":"Germany\u2019s DZ Bank to Offer Crypto Custody With Swiss Firm Metaco \u2013 Finance Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The second-largest bank in Germany, DZ Bank, is preparing to become a provider of custody services for crypto assets. The offering will be facilitated by a partnership with Metaco, a Swiss company that specializes in helping financial institutions to operate in the digital asset space.<\/strong><\/p>\n

DZ Bank to Use Metaco\u2019s Harmonize Platform to Launch Crypto Custody Services<\/h2>\n

DZ Bank, part of Volksbanken Raiffeisenbanken which is one of the largest banking groups in Germany, is going to employ a platform built by Metaco to offer institutional clients services in the field of digital currencies and crypto securities, the fintech announced.<\/p>\n

Regulated by the Federal Financial Supervisory Authority (Bafin), DZ Bank is an established custodian and Germany\u2019s second-largest bank by asset size. At the end of 2022, it had \u20ac297 billion (almost $315 billion) worth of assets under custody.<\/p>\n

Metaco, founded in Switzerland in 2015, is focused on enabling financial and non-financial institutions to conduct crypto operations. Its infrastructure allows such players to store and trade cryptocurrencies, tokenize other assets, provide staking services, and manage smart contracts.<\/p>\n

Under the cooperation, DZ Bank intends to use Metaco\u2019s core product, an orchestration platform for digital assets called Harmonize, to integrate its new offering into its current asset management services. \u201cMetaco\u2019s digital asset technology infrastructure is purposely designed to support financial institutions to capitalize on the digital asset economy,\u201d commented Craig Perrin, chief sales officer at Metaco.<\/p>\n

The German bank, which puts an emphasis on regulatory compliance and security, selected it through an extensive proof-of-concept and diligence process, the press release noted. Nils Christopeit, lead solution design digital custody at DZ BANK, elaborated:<\/p>\n

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In terms of our security, scalability, and future requirements of our digital asset custody initiative for institutional clients, starting with crypto securities as per the German eWpG, Metaco Harmonize has proven to be a powerful solution.<\/p>\n<\/blockquote>\n

Christopeit was referring to the Electronic Securities Act<\/a> (Gesetz zur Einf\u00fchrung elektronischer Wertpapiere, abbreviated eWpG in German), which was adopted in 2021 to update<\/a> the country\u2019s securities legislation and the relevant supervisory framework. The law, which entered into force on June 10 of that year, is a key element of the blockchain strategy approved by the federal government in Berlin.<\/p>\n

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Bank<\/a>, Crypto<\/a>, crypto assets<\/a>, crypto securities<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Digital Assets<\/a>, DZ Bank<\/a>, electronic securities<\/a>, german<\/a>, Germany<\/a>, Metaco<\/a>, swiss<\/a>, Switzerland<\/a><\/div>\n<\/div>\n

Do you think other major German banks will take advantage of the opportunity to provide services related to digital assets? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, 360b \/ Shutterstock.com<\/em><\/p>\n

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