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.