DZ Bank, which is closely following Deutsche Bank in the race to become Germany's biggest lender by asset size, has entered into a partnership with the Swiss company Metaco. The two companies have entered into a formal agreement that will give the German bank access to digital asset custody services for its institutional clients.
Metaco has already partnered with three financial institutions in the past eight months: Citibank (C), Societe Generale (GLE), DekaBank. Metaco's experts not only assist in the custody of securities, but also help develop new products for institutional investors. To simplify cryptocurrency services, DZ Bank uses Metaco Harmonize's custodial technology platform.
Nils Kristofet, lead developer of digital storage solutions at DZ Bank, said they look forward to a strong business relationship by providing an attractive solution for their clients that meets the criteria of digital assets and decentralised financial instruments. He also noted that recently there has been a significant increase in institutional clients' interest in cryptocurrencies. Experts from the banking corporation have carefully studied the industry and concluded that they need to develop new services and products for investors.
Market analysts noted that DZ Bank's expressed enthusiasm for digital assets implies that German financial institutions continue to be favoured, despite the market falling in 2022. High fluctuations in digital assets and the collapse of various businesses were initiated by the events following the FTX bankruptcy.
