German DZ Bank adds digital currencies into asset management services

DZ Bank, Germany’s second-largest bank in terms of asset size, will fully integrate digital currencies into its asset management services in collaboration with the digital asset firm Metaco.

According to the announcement sent to Cointelegraph, DZ Bank selected Metaco’s custody platform Harmonize to offer digital currencies to its institutional clients. Nils Christopeit, an executive at DZ Bank, said that the Metaco Harmonize platform suits their requirements in terms of security and scalability.

“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,” Christopeit added.

Craig Perrin, the chief sales officer at Metaco, also commented on the collaboration. The executive expressed their team’s excitement in terms of supporting DZ Bank’s institutional offerings. He said that Metaco’s infrastructure is specifically designed to support institutions in adopting digital assets and participating in the digital asset economy. He added:

“We are excited to announce this cooperation as it further establishes Metaco as a market leader in Germany, trusted by some of the country’s largest banks and exchanges.”

Metaco has been actively collaborating with various key players within Germany. On Feb. 9, the digital asset management platform announced a partnership with another German bank called DekaBank to launch a blockchain-based tokenization platform. According to the announcement, the infrastructure is expected to be built in 2023 and may be released in 2024. 

Related: JPMorgan sees advantages in deposit tokens over stablecoins for commercial bank blockchains

Apart from Germany, the digital asset management platform also collaborated with a Turkish automaker and one of the most popular local banks in the Philippines. On Jan. 10, Metaco partnered with Turkish automotive company Togg to help secure Togg’s smart contract-based auto mobility services. On Nov. 2, the firm also helped UnionBank, a bank based in the Philippines, to launch its custody and trading services for Bitcoin (BTC) and Ether (ETH).