July 16, 2024
DZ Bank to Offer Crypto Custody for Institutions
Latest Cryptocurrency News

DZ Bank to Offer Crypto Custody for Institutions

DZ Bank, the third largest bank in Germany based on asset size, has introduced its own digital assets custody platform utilizing blockchain technology. This platform is primarily aimed at institutional clients, providing them access to crypto securities, including the Siemens crypto bond that DZ Bank subscribed to six months ago.

Holger Meffert, the head of securities services and digital custody at DZ Bank, emphasized the bank’s interest in distributed ledger technology (DLT) and its belief that a significant portion of the capital market business will shift to DLT-based infrastructures within the next decade. DLT is seen as a complementary technology to existing capital market processes.

DZ Bank also has plans to offer institutional investors and private customers the ability to purchase cryptocurrencies like Bitcoin in the future. To achieve this, the bank applied for a crypto custody license from the German Federal Financial Supervisory Authority (BaFin) in June 2023.

This move by DZ Bank aligns with a broader trend in Germany, where traditional banks are increasingly embracing cryptocurrency and blockchain technologies despite the country’s strict regulatory environment. Other financial institutions, such as Deutsche WertpapierServiceBank, DWS, Commerzbank, and DekaBank, have also pursued crypto custody licenses and launched initiatives related to digital assets and blockchain applications.

Image by vectorjuice on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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