DZ Bank, third-largest German bank, to start crypto custody for institutional investors

DZ Bank AG, the 3rd largest slope successful Germany by plus size, has launched its ain integer assets custody level built connected blockchain. According to an announcement published connected Nov. 2, the level volition enactment with organization clients, offering them crypto securities, specified arsenic the crypto enslaved from Siemens, which DZ Bank had subscribed to six months ago. 

Holger Meffert, Head of Securities Services & Digital Custody astatine DZ, expressed the bank’s involvement successful the distributed ledger exertion (DLT):

“We presume that wrong the adjacent 10 years, a important proportionality of superior marketplace concern volition beryllium processed via distributed ledger exertion (DLT)-based infrastructures. In the mean term, we spot DLT arsenic a complementary exertion to the established infrastructures successful the existing superior marketplace processes.”

The slope besides hopes to connection organization investors and backstage customers the installation to bargain cryptocurrencies, “such arsenic Bitcoin,” successful the future. To execute that, DZ has applied for a crypto custody licence from the Federal Financial Supervisory Authority (BaFin) successful June 2023. 

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Cointelegraph has precocious paid attention to the German banks’ displacement toward crypto, contempt the country’s strict manufacture regulatory regime. More and much institutions are uncovering ways to let customers entree to cryptocurrencies.

In March 2023, Deutsche WertpapierServiceBank (Dwpbank) took an important measurement with the motorboat of its wpNex crypto trading platform, which gives 1,200 banks and savings banks successful Germany entree to the integer plus industry. Asset absorption radical DWS, majority-owned by Deutsche Bank, announced it was moving connected exchange-traded products of cryptocurrencies successful the European marketplace and developing different integer solutions that volition springiness investors entree to blockchain applications and integer assets.

Other accepted banks, including Commerzbank and DekaBank, are besides seeking crypto custody licenses from Germany’s fiscal watchdog, the Federal Financial Supervisory Authority (BaFin).

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