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DZ Bank, one of Germany’s largest financial institutions, has made a significant foray into the world of digital assets by launching its own blockchain-based custody platform. 
The platform is geared towards institutional clients and will enable the management of crypto securities, including assets such as Siemens’ crypto bond, which DZ Bank subscribed to half a year ago. 
Holger Meffert, who serves as the Head of Securities Services and Digital Custody at DZ Bank, underlined the bank’s keen interest in distributed ledger technology (DLT), stating: “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. In the medium term, we see DLT as a complementary technology to the established infrastructures in the existing capital market processes.” 
DZ Bank also has aspirations to provide both institutional investors and private customers with the means to purchase cryptocurrencies, particularly Bitcoin, in the near future. 
To facilitate this, the bank applied for a crypto custody license from the German Federal Financial Supervisory Authority (BaFin) in June 2023. 
This move by DZ Bank aligns with a broader trend in Germany’s banking sector, as more financial institutions seek ways to enable customers to access cryptocurrencies. 
In March 2023, &nbsp;Deutsche WertpapierService Bank&nbsp;AG launched its wpNex crypto trading platform, granting 1,200 banks and savings banks across Germany access to the digital asset industry, according to Cointelegraph. 
Asset management group DWS, predominantly owned by Deutsche Bank, also announced plans to develop exchange-traded products for cryptocurrencies in the European market, along with other digital solutions that would provide investors with access to blockchain applications and digital assets. 
Several other traditional banks in Germany, including Commerzbank and DekaBank, have pursued crypto custody licenses from the nation’s financial watchdog, BaFin, highlighting the growing momentum of crypto adoption in the country. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/111577/germanys-giant-dz-bank-launches-blockchain-based-custody-platform-for-digital-assets/">Germany’s Giant DZ Bank Launches Blockchain-Based Custody Platform for Digital Assets</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Germany’s Giant DZ Bank Launches Blockchain-Based Custody Platform for Digital Assets

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