Ad

The meme coin reckoning has come

Memeinated animation

NEXT 100x PRESALE?

BUY NOW

DZ Bank launches blockchain-based crypto custody platform

By:
on Nov 6, 2023
Listen
  • DZ Bank is Germany's third-largest bank.
  • The crypto custody platform targets institutional clients.
  • The platform offers access to crypto securities, including the Siemens crypto bond.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

DZ Bank AG, one of Germany’s largest financial institutions, has entered the crypto custody space by unveiling its digital assets custody platform, underpinned by blockchain technology.

The move comes as part of a broader trend in the German banking sector towards offering cryptocurrency services despite regulatory challenges.

DZ Bank crypto custody platform

Copy link to section

DZ Bank’s newly launched digital assets custody platform is designed to cater to institutional clients, granting them access to crypto securities.

Among the assets offered is the crypto bond issued by Siemens, a notable player in the industry.

Holger Meffert, Head of Securities Services & Digital Custody at DZ Bank, expressed the institution’s commitment to distributed ledger technology (DLT), stating that the bank assumes 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.”

Featured Broker

Looking to invest?

Invest and trade CFD stocks, ETFs, digital assets & commodities in minutes with our highest-rated broker.

Ad

Future crypto plans amid regulatory hurdles

Copy link to section

DZ Bank has aspirations beyond institutional clients. They plan to extend their services to include not only institutional investors but also private customers interested in cryptocurrencies like Bitcoin.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

To achieve this, the bank applied for a crypto custody license from the Federal Financial Supervisory Authority (BaFin) in June 2023.

This development aligns with the growing interest of traditional German banks in the cryptocurrency domain. Earlier in 2023, Deutsche WertpapierServiceBank (Dwpbank) entered the crypto trading platforms space by launching the wpNex crypto trading platform, granting access to the digital asset industry for 1,200 banks and savings banks in Germany.

Additionally, asset management group DWS, majority-owned by Deutsche Bank, announced its foray into the European market with exchange-traded products of cryptocurrencies and other digital solutions geared towards investor access to blockchain applications and digital assets.

In a similar vein, Commerzbank and DekaBank, among others, are actively pursuing crypto custody licenses from Germany’s financial watchdog, BaFin.

aDespite the regulatory landscape, the German banking sector appears to be embracing the cryptocurrency wave, making strides towards offering crypto-related services to customers and institutional clients alike.

Ad

Learn to trade crypto easily by copying crypto signals & charts from pro-trader Lisa N Edwards. Sign-up today for easy-to-follow trades for tonnes of altcoins at GSIC.

0/10
Get signals
Altcoins Blockchain Crypto Crypto business Finance & Banking Savings