DZ Bank launches cryptocurrency custody service for institutional investors

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DZ Bank launches cryptocurrency custody service for institutional investors
DZ Bank launches cryptocurrency custody service for institutional investors

deutsche central bankGermany’s third-largest bank by assets has launched its own blockchain-based digital asset custody platform.

According to an announcement made on November 2, the platform will work with institutional clients to offer them crypto securities, such as the Siemens crypto bonds that DZ Bank registered six months ago.

Holger Meffert, head of securities services and digital custody at DZ, expressed the bank’s interest in distributed ledger technology (DLT):

“We assume that over the next decade, a significant portion of capital markets operations will be processed through infrastructure based on distributed ledger technology (DLT).

In the medium term, we see DLT as a complementary technology to the already established infrastructure in existing capital markets processes. “

The bank also hopes to provide institutional investors and individual customers with the convenience of purchasing cryptocurrencies such as “Bitcoin” in the future.

To this end, DZ applied for a cryptocurrency custody license from the Federal Financial Supervisory Authority (BaFin) in June 2023.

Despite Germany’s strict regulatory regime for the industry, German banks have recently noticed a shift toward cryptocurrencies. An increasing number of organizations are looking to allow customers to deposit and withdraw cryptocurrencies.

In March 2023, Deutsche Wertpapier Service Bank (Dwpbank) took an important step and launched the wpNex cryptocurrency trading platform, allowing 1,200 banks and savings banks in Germany to enter the digital asset industry.

DWS Asset Management Group, controlled by Deutsche Bank, announced that it is studying exchange-traded cryptocurrency products in the European market and developing other digital solutions to provide investors with access to blockchain applications and digital assets.

Other traditional banks such as Commerzbank and DekaBank have also sought cryptocurrency custody licenses from Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin).

General Bitcoin News.



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