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DZ Bank Joins Raft of German Banks Scrabbling to Provide Crypto Services

1 min
Updated by Ali M.
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In Brief

  • DZ bank is the second-largest bank in Germany with custody of assets worth $314.82 billion.
  • It partnered with Metaco to provide digital assets custody solutions to its institutional clients.
  • Other German banks such as DekaBank and N26 are also offering crypto-related services.
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DZ Bank, the second-largest bank in Germany, has partnered with Metaco to provide crypto custody service to its institutional clients.

As the broader crypto market recovers in 2023, the banking giants are willing to expand their services to the digital assets sector. Today, DZ bank, Germany’s second-largest bank with custody of assets worth €297 billion (approximately $314.82 billion), partnered with Metaco for its digital assets custody initiative. 

The German bank’s analyst, Marcel Heinrichsmeier, believes that crypto winter could be over.

DZ Bank to Use Metaco for Institutional Digital Assets Custody

Metaco will provide DZ bank with different deployment methods and hardware-enforced key management infrastructure. These facilities will enable the bank to offer digital asset custody to its institutional clients.

Nils Christopeit, a DZ Bank executive, told PR Newswire, “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.”

German banks are gradually inclining towards providing crypto services. For instance, on Jan. 31, DekaBank partnered with Metaco to offer digital assets custody. It is worth noting that DekaBank is the largest bank in Germany, with over $434 billion in assets under management.

Prior to that, another German bank, N26, announced it would provide crypto trading services to various European countries on Jan. 17. The challenger bank will offer crypto trading facilities not just in Germany, but also in Switzerland, Ireland, Belgium, and Portugal.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...