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How DZ Bank stores its crypto

After rival DekaBank recently stepped up its work on the future of digital assets, DZ Bank is following in the same footsteps.

By Finst News
• 3 min read
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How DZ Bank stores its crypto

After rival DekaBank recently stepped up its work on the future of digital assets, DZ Bank is following in the same footsteps.

DZ Bank has announced a partnership with the Swiss fintech company Metaco. The aim of the collaboration is to store and custody their digital assets. The German credit institution of the cooperative financial group Volksbanken Raiffeisenbanken currently manages around €297 billion in assets.

Crypto storing at DZ Bank?

The platform "Metaco Harmonize" that stores crypto for their users is expected to serve as a solution for the bank in the future and also guarantee a safe offering of crypto securities for the bank's customers. DZ Bank explains:

“DZ BANK plans to hold digital financial instruments in the custody solution currently being developed based on Metaco's software. The focus is on crypto securities and, in the future, native crypto securities as well.”

For now, customers can expect to be able to store crypto securities at the bank. However, it remains to be seen when DZ Bank will focus on custody of native crypto-securities.

DZ Bank recently made headlines in the crypto space: As part of the so-called "endless index certificates," it offers derivatives on Bitcoin and Ethereum. The launch was aimed at staying ahead of the competition.

DekaBank in the lead

That now lies with DekaBank, which also announced a partnership with Metaco at the end of January. That partnership will see the bank custody other banks' securities via Switzerland. With this collaboration, the bank aims to position itself for the future of digital securities.

The institution recently applied for a crypto custody license with BaFin. With this step, DekaBank aims to enable institutional clients to hold digital assets in their own wallets. For now, cryptocurrencies are excluded from this.

Read also: Swiss UBS AG uses blockchain for bond distribution

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