JAKARTA One of the leading banks in Germany, DZ Bank is ready to enter the world of crypto asset management and has appointed Swiss custodial, Metaco, as its partner. According to a statement shared by the two companies, Metaco's custodial platform, Harmonize, will be the mainstay used by DZ Bank.
Many financial institutions have been looking for ways to enter a new world of crypto assets due to increasing demand from customers. While different banks have their own unique strategies to enter the crypto world, regulatory permits from one country to another make banks like DZ appear more competitive.
After taking the time to express their intentions, DZ Bank said that it chose Metaco as its partner because of the company's progress in terms of security and scalability.
"Through an offer that we can build using this technology, we believe we can create long-lasting and fast-growing business cooperation as well as an attractive solution for our clients, which can also meet the requirements of digital currencies and decentralized financial instruments," said Nils Christopeit, an executive at DZ Bank.
Despite the intense competition from mainstream banking companies, many industry leaders still see their presence as an important catalyst to encourage the adoption of digital assets in general. Currently, there are still investors who remain on the sidelines because the banks they trust don't offer crypto solutions.
By having a proper user base and in line with existing regulations, DZ Bank will open access to millions of users to consider entering the crypto ecosystem with its offerings. Commenting on this partnership, Metaco's Chief Sales Officer, Craig Perrin, said that the company's core business is optimized to help encourage institutional adoption of digital currencies.
"We are very pleased to announce this partnership because it further strengthens Metaco's position as a market leader in Germany, which is trusted by several of the country's largest banks and exchanges," Craig Perrin was quoted as saying by Coinpeaker.
Crypto Asset Regulation
With different jurisdictions maintaining different regulations regarding crypto storage, the US Securities and Exchange Commission (SEC) has released regulatory changes to guide newcomers into industry in the United States.
Leading institutional investors in the US, including Fidelity Investments, BlackRock, and even Goldman Sachs Group Inc, are gradually exploring ways to offer crypto asset management and storage services to their clients. The offer is designed to offer direct competition with heavyweight players in the industry such as Coinbase Custody and Gemini Custody.
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