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DZ Bank In Germany Aims To Offer Custody For Cryptocurrency Assets To Clients

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Feb 24, 2023

DZ Bank has announced that it is ready to take its services to the next level and target a wholly new sector. Germany’s second-largest bank is now entering the cryptocurrency sector.

DZ Bank to Offer Crypto Custody

The officials at the DZ Bank have announced that they are confident that they have made all the necessary preparations for the offering of digital asset custody services.

The bank officials have confirmed that they were eager to offer cryptocurrency and digital asset custody services to the users for a while.

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They have been witnessing a great level of interest among their clients in cryptocurrencies and digital assets. They realized that it was important for them to offer cryptocurrencies to their clients as soon as possible.

If they did not do it, then they would end up losing their customer base as they would go on to look for solutions that do.

DZ Bank Partnered with Metaco

As communicated by the BaFin-regulated bank, they knew it was time to make the right calls and join hands with the right entities in the crypto-verse.

Therefore, they went on to partner with Metaco, a firm based in Switzerland. Apart from Metaco, they also went ahead and joined forces with Harmonize, an orchestration platform.

The firm is confident that it will be able to offer the most competitive and highly advantageous crypto-custody services to its clients.

Their major aim is to ensure that they go on to meet the institutional demand that has been coming in for cryptocurrencies.

Role of Harmonize

The officials at the DZ Bank talked about the Harmonize platform and what role it is to play in cryptocurrency adoption.

The most advanced feature of Harmonize is the framework that it tends to offer for governance. The framework that Harmonize has the capability of offering is very versatile.

With the passage of time, the framework can be changed and amended to make room for more and new compliance controls. The same utility goes for risks and all of this is offered by the highly customizable framework of Harmonize.

Harmonize also has the ability to offer segregation for each business and its units. Whether it is the business units or the clients classified under the business, Harmonize can offer segregation on that.

The protocol has the ability to offer guaranteed isolation for assets, accounts, users, and policies as well.

Statement by Nils Christopeit

Nils Christopeit, the lead solution design digital custody at DZ Bank has commented on the development process of their network.

He stated that over time, they have realized how important it is to constantly work on meeting the future requirements, scalability, and security of the clients.

Therefore, they have taken the initiative of adopting and offering digital asset custody to their clients. Their major target is the institutional clients and they want to keep providing them with the latest utilities and benefits.

He further talked about the performance and collaborative capabilities of Harmonize and Metaco. According to Christopeit, these solutions are considered very powerful and fit for the expansion of their bank’s business expansion.

The solution design lead at the DZ Bank has revealed that the reason they have selected the new crypto custody solution is that it met all their requirements.

The DZ Bank has selected the particular platform after walking it through the diligence process. They have even run the platform through the extensive proof-of-concept (PoC) process.

Bank to Gain Worldwide Recognition

With the adoption of cryptocurrencies and digital asset custody, the DZ Bank will gain a lot of recognition in the global crypto market.

The banking institution is already very popular and has a prominent presence in Germany for being one of the largest custodians in the country.

As of now, the banking giant has €297 billion worth of assets that are under its care.

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