Alongside Societe Generale and Citibank, the German lender DekaBank, which manages assets worth a combined total of 390 billion dollars, has chosen Metaco, a crypto specialist company based in Switzerland, to expand its digital asset services for institutional customers.
In the event that regulatory clearance is granted, DekaBank intends to use the custody tech and orchestration platform Harmonize developed by Metaco to run its cryptocurrency asset custody and management activities.
According to Andreas Sack, the product owner for digital assets custody at DekaBank, digital assets are an essential component of the future and represent a revolutionary shift in the way assets, ranging from currencies to real estate, will be represented in the future.
He went on to say that this is a significant step in laying the groundwork for providing their institutional investors and the millions of people living in Germany with access to this life-changing opportunity.
Adrien Treccani, CEO and Founder of METACO, commented on the partnership, saying:
“This partnership continues to establish METACO as the leading custody and orchestration technology provider for global, regulated financial institutions looking to scale institutional-grade digital asset servicing quickly.”
In order for DekaBank to continue developing its cryptocurrency offerings, it is necessary for the institution to first get a license from the country’s Federal Financial Supervisory Authority (BaFin).
The Harmonize platform provides institutions with a smooth connection to the emerging world of decentralized finance (DeFi). Its capabilities range from cryptocurrency custody and trading to tokenization, staking, and the administration of smart contracts.
After the FTX collapsed in 2022, the German BaFin advocated for worldwide regulation of the cryptocurrency sector to safeguard customers, prevent money laundering, and ensure financial stability.