DZ

telejoshi

This is actually (really) big. Right now it's for institutions but it's just the beginning. Here's the translated announcement from their website: >DZ BANK has launched a new platform for the settlement and custody of digital financial instruments. This makes the cooperative central institution one of the first banks to launch such a service for institutional clients based on blockchain technology. With a volume of over EUR 300 billion, DZ BANK is the third-largest custodian in Germany after BNP Paribas and State Street, and the largest among German custodians. > >"We assume that within the next ten years, a significant proportion of the 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 existing capital market processes," says Dr. Holger Meffert, Head of Securities Services & Digital Custody at DZ BANK. The bank has hired more than a dozen new employees in IT, operations and compliance to operate the new custody solution. > >The bank has been working with blockchain technology for years, and in 2022 it began setting up the digital custody platform for institutional clients. Here it will initially take crypto securities into custody. This includes a crypto bond from Siemens, which Union Investment and DZ BANK subscribed to six months ago and which has now been transferred to the bank's own custody. DZ BANK had previously been involved in the first external transaction of crypto fund shares of Bankhaus Metzler as a settlement agent and custodian. As both cases fall within the scope of the German Electronic Securities Act (eWpG), custody is already possible with the existing licenses. > >In order to enable institutional clients to invest in cryptocurrencies such as Bitcoin in the future, DZ BANK applied for a crypto custody license from the German Federal Financial Supervisory Authority (BaFin) in June. In parallel to the solution for institutional clients, the bank is working on an offering that will enable private clients to invest directly in cryptocurrencies. > >With the existing infrastructure, the bank is also in a position to actively participate in the exploration phase of the European Central Bank (ECB), in which the settlement of large-volume capital market transactions in central bank money is being tested.

coinfeeds-bot

tldr; Germany's third-largest bank, DZ Bank, has launched a crypto custody service for institutional investors. The bank has already hired dedicated employees for this service and assures compliance with regulations. DZ Bank may also explore offering crypto investment services in the future. This news comes as rumors circulate about the SEC approving spot BTC ETFs. The timing is significant as other countries have already seen significant investment in spot BTC ETFs. This move by DZ Bank is seen as a positive step towards traditional institutions embracing blockchain technology. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; DZ Bank, the third-largest bank in Germany, has launched a digital assets custody platform for institutional clients. The platform will offer crypto securities and the bank plans to offer the ability to buy cryptocurrencies in the future. DZ Bank has applied for a crypto custody license from the Federal Financial Supervisory Authority. This move follows a trend of German banks embracing cryptocurrencies and seeking crypto custody licenses. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

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