Germany’s DZ Bank has announced its introduction of digital currencies to its asset management services, partnering with a Swiss firm.
Germany’s DZ Bank has announced a positive development for the crypto and finance industry as it intends to manage digital currencies for its institutional clients with the help of a Swiss digital asset company named Metaco. Germany’s DZ Bank is the second largest in the country in terms of asset size, and the development is set to help the crypto space significantly with the introduction of digital currencies into its services.
Metaco’s platform Harmonize will be used for the digital currency management service, which is suitable due to its security and scalability. An executive at Germany’s DZ bank, Nils Christopeit, said, “With the offering we can build by using this technology, we trust to create a durable and fast-growing business cooperation as well as an attractive solution for our clients that can also meet the requirements of digital currencies and decentralized financial instruments.”
Metaco also welcomed the collaboration, and its chief sales officer, Craig Perrin, claimed the firm’s infrastructure was specifically designed for companies and institutions desiring to participate in the web3 space and adopt blockchain technologies and digital assets. He said the latest partnership would establish Metaco as a market leader and trusted partner of top banks and exchanges in Germany.
Apart from DZ Bank, Metaco has partnered with companies in Turkey and the Philippines for blockchain-based projects. It has also collaborated with the German Dekabank to launch a tokenization platform which is based on blockchain technologies. The infrastructure will be built soon and likely be released in 2024.