DZ Bank, Germany’s 2nd-biggest bank in terms of assets, is now prepared to provide services related to the custody of digital assets. The custody provider that is regulated by BaFin has started a collaboration with Metaco (a Swiss platform) and Harmonize (an orchestration company) to offer its exclusive digital currencies to organizational consumers.
Germanic DZ Bank and Metaco to Offer Digital Assets to the Institutional Consumers
An official press release was published by Metaco on February 23 for the announcement. The platform stated that Metaco (the enterprise technology firm devoted to offering services to non-financial organizations to securely carry out their activities dealing with digital assets) declared a partnership with DZ Bank.
In addition to this, Metaco also partnered up with a cooperative network of finance Volkbanken Raiffeisenbanken which is also categorized among the biggest banking groups operating in Germany. DZ Bank, while being a prominent organization, offers several services, especially those dealing with asset management. The company is considered among the biggest custodians in Germany.
It has assets of up to €297B worth under its custody as of 2022’s end. Harmonize was opted for by DZ Bank for the provision of thorough diligence and proof-of-concept. As per the press release, Harmonize has turned out to be a resilient solution, assisting DZ Bank in developing an alluring and protected offering.
The offering’s target would be the institutional customers existing within the world of digital currencies and crypto-based securities that are completely integrated into its present services for asset management. The agnostic model of Metaco provides diverse deployment methods along with an infrastructure for the management of the hardware-enforced key. This takes into account tokenized securities such as equities and securities.
In its press release, Metaco disclosed that Harmonize has a multipurpose governance agenda with customizable compliance and risk-related controls. It additionally has a complete separation of several clients and businesses, assuring the split up of policies, assets, accounts, and consumers. DZ Bank’s head of Solution Design Digital Custody, “Nils Christopeit,” remarked on this move.
The executive stated that Harmonize (the product of Metaco) has turned out to be a resilient solution to deal with the issues of scalability and security. As per the executive, the platform will fulfill the future requirements related to DZ Bank’s custody initiative to facilitate the organizational consumers. Christopeit mentioned that Harmonize is appropriate for their planned operating model.
The executive added that they expect to develop a rapidly growing and enduring business cooperation. Another thing focused on by them is an attention-grasping solution for the customers capable of meeting requirements dealing with decentralized finance tools and digital currencies. In addition to this, Metaco’s Chief Sales Officer “Craig Perrin” also remarked on this development.
Metaco’s Executive Says the Collaboration Will Let It Become a Market Leader
He said that the digital-asset-related technology infrastructure of Metaco is specifically structured to back the financial organizations to take benefit from the economy based on digital assets. The executive expressed enthusiasm for the collaboration, saying that this will assist Metaco in becoming the leader in Germany’s market as the biggest exchanges and banks in the jurisdiction would trust it.
This is not the initial time for Metaco to collaborate with a well-known player in the German industry. It collaborated with DekaBank, which is headquartered in Frankfurt, to introduce a blockchain-based tokenization forum in the previous month. Societe Generale and Citibank are along considered among the other top financial organizations with which Metaco joined hands during the year 2022 to let institutional customers access the offerings of digital assets.
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