DZ Bank, the second largest bank by asset-size in Germany, has introduced digital asset management for its institutional clients. The German banking giant has tapped Switzerland-based Metaco to oversee the crypto-facing business for its 800 institutional clients.
According to a press release by Metaco, the digital asset firm’s partnership with DZ Bank will see the latter leverage Metaco’s custody and orchestration platform Harmonize to manage its crypto offerings. DZ Bank selected Harmonize through an extensive proof-of-concept (PoC) and diligence process.
DZ Bank, which currently has a whopping €297 billion in assets under management, aims to leverage Metaco to create an alternative investment solution for its institutional clients that meets the requirements of digital currencies and decentralized financial instruments.Metaco has previously collaborated with major financial institutions like Citibank, Societe Generale, and DekaBank for the development of digital asset offerings.
Speaking on the partnership with Metaco, DZ Bank’s Lead Solution Design Digital Custody, Nils Christopeit, said, “In terms of our security, scalability, and future requirements for 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 that is fit for purpose and can support our intended operating model.”
According to Metaco’s Chief Sales Officer, Craig Perrin, the company’s digital asset technology infrastructure is well suited to address the needs of financial institutions such as DZ Bank that are looking to capitalize on the digital asset economy. “We are excited to announce this cooperation as it further establishes Metaco as a market leader in Germany, trusted by some of the country’s largest banks and exchanges,” he added.
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Source: Cryptocurrency - investing.com
