DZ Bank, the third largest financial institution in Germany by asset measurement, has launched its personal digital belongings custody platform constructed on the blockchain. According to an announcement printed on Nov. 2, the platform will work with institutional purchasers, providing them crypto securities, such because the crypto bond from Siemens, which DZ Bank subscribed to six months in the past.
Holger Meffert, head of securities companies and digital custody at DZ, expressed the financial institution’s curiosity in distributed ledger know-how (DLT):
“We assume that within the next ten years, a significant proportion of capital market business will be processed via distributed ledger technology (DLT)-based infrastructures. In the medium term, we see DLT as a complementary technology to the established infrastructures in the existing capital market processes.”
The financial institution additionally hopes to supply institutional investors and personal clients the ability to purchase cryptocurrencies, “such as Bitcoin,” sooner or later. To obtain that, DZ utilized for a crypto custody license from the German Federal Financial Supervisory Authority (BaFin) in June 2023.
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Cointelegraph has just lately reported on German banks’ shift toward crypto adoption regardless of the nation’s strict trade regulatory regime. More and extra establishments are discovering methods to enable clients entry to cryptocurrencies.
In March 2023, Deutsche WertpapierServiceBank took an important step with the launch of its wpNex crypto buying and selling platform, which supplies 1,200 banks and financial savings banks in Germany entry to the digital asset trade. Asset administration group DWS, majority-owned by Deutsche Bank, additionally announced it was engaged on exchange-traded merchandise of cryptocurrencies within the European market and developing other digital solutions that can give investors entry to blockchain functions and digital belongings.
Other conventional banks, together with Commerzbank and DekaBank, additionally seek crypto custody licenses from Germany’s financial watchdog, BaFin.
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