One of Germany’s largest financial institutions, DZ Bank, is poised to launch its Digital Asset Custody platform for institutional clients, signaling a significant stride in merging traditional finance with cryptocurrency.
Ripple Labs subsidiary Metaco will play a pivotal role as the key partner in empowering DZ Bank’s entry into the realm of crypto custodianship.
DZ Bank’s Entry into Cryptocurrency Custodianship
In response to the evolving trends in the financial sector, DZ Bank, a prominent player in Germany’s banking industry, has unveiled plans to provide digital asset custodial services to institutional clients. This move positions DZ Bank as one of the first regulated banks in Germany to offer crypto-related services to institutional customers.
With its new capacity, DZ Bank can now serve as a custodian for institutional clients, facilitating the settlement and safekeeping of crypto securities in accordance with the regulations outlined in the German Electronic Securities Act.
Harmonizing with Metaco
However, DZ Bank has chosen Metaco, a subsidiary of Ripple Labs, as its partner for this venture. Metaco’s digital asset custody and orchestration platform, known as Harmonize™, will power DZ Bank’s crypto custodial offerings.
This partnership was established following an extensive Proof-of-Concept and diligence process, where the platform’s suitability was thoroughly evaluated.
After careful consideration, the german bank concluded that Ripple’s Metaco was the ideal choice. The decision took into account factors such as security, scalability, and the flexibility to adapt to future changes. Harmonize™ met DZ BANK’s requirements, also paving the way for the launch of DZ Bank’s institutional digital asset custody platform.
A Significant Milestone
Moreover, the partnership with Metaco and the utilization of Harmonize™ mark a significant milestone for DZ Bank. According to a press release, the alignment with DZ Bank also signifies a crucial step in merging traditional finance with the digital asset economy.
Metaco also acknowledged bank’s commitment to regulatory compliance and security. DZ Bank’s move into the crypto custodianship space also reflects its dedication to providing safe and compliant services in the cryptocurrency domain.