Germany's third largest bank, DZ Bank, announced the launch of its own platform for storing digital assets.
The platform will work with institutional clients, offering them crypto-currency securities such as cryptobonds from Siemens, the bank said in a statement.
Holger Meffert, head of securities and digital custody services at DZ, said the bank is interested in distributed ledger technology (DLT).. DLT is an electronic database system that is distributed among several devices. Its main feature is the absence of a single regulatory body.
“We envision that over the next ten years, a significant portion of capital market business will be processed through DLT-based infrastructures. In the medium term, we see DLT as a complementary technology to existing infrastructure in existing capital market processes,” said Meffert.
The bank also plans to offer institutional investors and private clients the opportunity to buy cryptocurrencies in the future.. To achieve this, in June 2023, DZ submitted an application for a cryptocurrency storage license to the German Federal Financial Supervisory Authority (BaFin).
In February, DZ said it was starting to add digital currencies to its portfolio of asset management services. The bank cooperates with Metaco, a company specializing in the storage of cryptocurrencies.
Earlier, Bits.Media published a large-scale material about crypto banks.