Germany’s DZ Bank has partnered with Swiss firm Metaco to offer digital asset custody services, despite dwindling institutional sentiment associated with cryptocurrencies in Germany. DZ Bank is Germany’s second-largest lender by assets and will use Metaco’s custody technology platform, Harmonize, to handle crypto services for institutional clients.
Metaco’s Recent Partnerships
Metaco has recently entered partnerships with several major financial institutions to develop digital asset offerings for institutional clients, including Citibank, Societe Generale, DekaBank, and others. Harmonize has proven to be a “powerful solution” for DZ Bank to support its operating model, according to Nils Christopeit, DZ’s digital custody design solution lead.
Also Read: German DekaBank Partners with Metaco for Bitcoin Services
Metaco’s technology infrastructure is purposely designed to help financial institutions capitalize on the cryptocurrency and digital asset ecosystems. The firm’s Chief Sales Officer, Craig Perrin, said the partnership further establishes Metaco as a market leader in Germany, trusted by some of the country’s largest banks and exchanges.
Despite the market downturn and recent volatility in the crypto market, DZ Bank’s digital asset ambitions suggest that crypto enthusiasm remains high among traditional finance entities in Germany. CoinShares’ latest weekly report revealed that German institutions had the highest share of outflows last week, with over $23 million worth of cryptocurrencies sold. In contrast, Swiss institutions increased their holdings by a total of $5 million in assets.
