Deutsche Bank has launched a blockchain-based digital asset custody platform, advancing Germany’s crypto services for institutional and private clients.
Germany’s second largest bank DZ Bank unveiling Exclusive services for protecting crypto assets for institutional clients. The service will leverage the capabilities of the Metaco Harmonize platform developed by blockchain company Ripple.
The move marks the merger of traditional banking and blockchain in Germany.
The partnership also marks an achievement for Ripple as the integration of blockchain into traditional banking continues to evolve. Ripple has been in the spotlight since the U.S. Securities and Exchange Commission dropped its long-running lawsuit against the company last week, with XRP rising more than 33% in two weeks.
Cryptocurrency and blockchain adoption continues to grow in Germany
DZ Bank is actively expanding its services to eventually enable individual and institutional customers to purchase digital currencies directly, with Bitcoin being a prime example. In preparation for this expansion, DZ Bank sought regulatory approval in mid-2023 and submitted an application for a cryptocurrency custody license to German financial regulator BaFin.
The development is part of a larger trend among German banking institutions to adapt to growing interest in digital currencies despite the country’s strict regulatory environment. Efforts to integrate cryptocurrencies into traditional financial services are accelerating. Blockchain funding in the country has grown by 3% this year, and major exchanges such as Coinbase have identified Germany as a key region for web3 talent.
Earlier this year, Deutsche Wertpapier Service Bank took a major leap forward by launching digital asset trading platform wpNex, providing a gateway to the cryptocurrency industry for more than a thousand German banks. Additionally, Deutsche Bank-controlled DWS Group has unveiled its plans to launch cryptocurrency-related exchange-traded products in Europe.