German DekaBank launches cryptocurrency custody service

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One of the largest German investment funds has entered into a partnership agreement with the Swiss Metaco to provide crypto asset management services.

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DekaBank, which manages more than 360 billion euros ($390 billion) in assets, has chosen Metaco’s Harmonize platform as it will allow institutional clients to store crypto assets and digital securities in a secure manner. Metaco says the company’s technology solutions are already being used by financial institutions licensed by the German Federal Financial Supervisory Authority (BaFin).

DekaBank top manager Andreas Sack is confident that large financial institutions and millions of people in Germany will be able to access crypto assets through regulated products.

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Metaco founder and CEO Adrien Treccani believes that by providing crypto-currency products and services, financial companies will be able to scale their operations faster.

In July 2021, DekaBank considered investing in bitcoin under a German law allowing special funds to invest up to 20% of a managed portfolio in crypto assets.

At the beginning of last year, Metaco partnered with Philippine bank UnionBank to provide its technology for storing digital assets. In June, due to the growing digitalization of traditional assets, Metaco launched a custody service with Citibank.

Source: Bits

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