German DekaBank launches cryptocurrency custody service

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

DekaBank, which manages more than 360 billion euros ($390 billion) in assets, has chosen Metaco's Harmonize platform, as its use will allow it to provide institutional clients with services for storing crypto assets and digital securities in compliance with security standards. 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.

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 the Philippine bank UnionBank, providing its technology for storing digital assets.. In June, due to the growing digitalization of traditional assets, Metaco launched a custody service with Citibank.