Last week DZ Bank announced the launch of its institutional digital asset custody platform. The bank has €300 billion ($322bn) in assets under custody, ranking third in Germany to BNP Paribas and State Street. Currently it services crypto securities issued under Germany’s eWpG and related laws where its existing licenses apply. However, it has applied to BaFin for a crypto license and plans to provide cryptocurrency services in the future.
“We assume that within the next ten years a significant proportion of capital market business will be processed via distributed ledger technology (DLT)-based infrastructures,” said Dr. Holger Meffert, Head of Securities Services & Digital Custody at DZ BANK. “In the medium term, we see DLT as a complementary technology to the established infrastructures in the existing capital market processes.”
In February the bank announced a collaboration with Swiss digital asset custody technology firm Metaco (now owned by Ripple). And the bank says it has hired more than a dozen staff internally.
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