One of the most well-known asset managers in Germany, DekaBank, has decided to work with a Swiss company called Metaco to offer its customers goods and services related to bitcoin. According to reports, DekaBank, which manages assets worth more than $390 billion, will join Societe Generele and Citibank to develop cryptocurrency products for their institutional customers.
As soon as the big financial institution gets the go-ahead, it will start using the custody technology that the Swiss company made. The bank plans to ask Harmonize for help with coordination, which it will use for operations and management of assets.
Andreas Sack, the head of DekaBank, says,
“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate. Today we make another important step towards laying the foundation for giving our institutional investors and millions of people in Germany access to this transformational opportunity.”
According to reports from July 2021, DekaBank thought about whether or not to participate in bitcoin in the wake of a new rule in Germany that would permit institutional funds, often known as “Specialfonds,” to invest up to twenty percent of their assets in BTC and other cryptocurrencies.
As the use of cryptocurrencies continues to grow, major traditional banks will likely join the trend.
