DZ Bank Sets Sights on Retail Crypto Investment After Launching Digital Custody Platform
Germany’s DZ Bank, one of the country’s largest financial institutions, has launched its digital custody platform and revealed plans to enable private customers to invest directly in cryptocurrencies.
The bank hired more than a dozen employees to operate the new custody platform, marking its entry into the blockchain and cryptocurrency space. Initially, the platform will focus on “crypto securities,” including a crypto bond from Siemens, allowing users to transfer it to self-custody. DZ Bank believes that distributed ledger technology (DLT) will play a significant role in capital market processes in the coming years and aims to position itself at the forefront of this technology’s adoption.
The bank also applied for a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), emphasizing its commitment to serving both institutional and private clients looking to invest in digital assets. DZ Bank plans to utilize a platform developed by Metaco to provide cryptocurrency services to its institutional clients.
Clever Robot News Desk 9th November 2023
Related Article
