By Michael Scott
DZ Bank announced partnering with Metaco to utilize the latter’s custody services for the digital asset. The announcement by the second-ranked lender in Germany in assets is tapping the Swiss firm Metaco to offer custody services for its customers’ digital assets.
Series of Pacts Involving Metaco and Banks
The announcement by the German bank marked the fourth instance that Metaco was partnering with a major financial firm in eight months. The deal by the bank, only second to Deutsche Bank, affirms Metaco as the sought player by leading financial institutions.
The deal mirrors Metaco’s pacts with Societe Generale, Citibank and DekaBank’s choice of Lausanne.
The pacts affirm trust bestowed upon Switzerland-based firm with responsibilities to establish digital asset offerings targeting institutional clients. DZ plans to utilize the custody tech platform offered by Metaco. The Harmonize platform is set to enable DZ to handle higher-scale crypto services involving institutional clients.
Immense Potential for Harmonize Platform
The head of digital custody design and solution at DZ Bank, Nils Christopeit, lauded the partnership as symbolizing a critical milestone for delivering attractive solutions for clients. The bank’s executive outlined DZ plans as leveraging the Harmonize technology to establish durable and fast-growth business cooperation.
DZ perceives the Harmonize program as delivering a gateway to accommodate the decentralized financial instruments. Besides, it presents an opportunity to establish attractive solutions for clients satisfying desired digital currency requirements.
DZ’s Ambitions in Digital Assets Services
DZ’s partnership with Swiss firm Metaco reveals its growing ambition in digital assets. The partnership of the second-ranked bank shows increasing crypto enthusiasm among conventional finance corporations in Germany.
Beyond Germany, the capability of Metaco to rake four pacts with leading global financial institutions shows a shift in perception of crypto’s going concern in the economy. The four partnerships signed by Metaco with leading banks portray optimism about the traditional financial system integrating the crypto sector.
The partnerships coincided with the market downturn that characterized the crypto industry in 2022. The decline worsened through the contagion collapse of leading operators, including Three Arrows Capital, Terra, Celsius Network and FTX.
The implosion that plunged substantial crypto firms with exposures failed to slow DZ Bank from partnering with Metaco. DZ-Metaco partnership signals belief in the crypto sector’s recovery.
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