News - DZ Bank launches digital custody platform

By Mike Hesp

DZ Bank launches digital custody platform

With an annual volume of 300 billion euros, DZ Bank is the largest depository institution in Germany. Now it is launching a digital custody platform.

DZ Bank, the central institution of all 850 German credit cooperatives, is launching a digital depository platform.

This was announced via a press release on Nov. 2.

As a result, DZ Bank is among the first financial institutions to launch such an offering for institutional clients based on blockchain technology, as mentioned.

Dr. Holger Meffert, head of the Securities Services & Digital Custody Department at DZ Bank, expressed optimism: "We expect that within the next 10 years significant parts of capital market transactions will be handled via distributed ledger technology (DLT)-based infrastructures. In the medium term, we see DLT as a complementary technology to existing infrastructures in existing capital market processes," he said.

Back in February, the equity firm announced a partnership with Swiss fintech company Metaco to provide custody of digital assets to be able to offer.

About a year ago, the institution launched its offering of future contracts in Bitcoin and Ethereum.

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