DekaBank has partnered with METACO, a Switzerland-based cryptocurrency firm, to offer crypto-related services.
Traditional banking services with millions of customers have the potential to bring maximum visibility to the crypto asset class. Germany’s largest securities service provider – DekaBank, partnered with METACO to enter the digital assets segment.
DekaBank Lays Foundation to Provide Digital Assets Services
DekaBank is one of the largest securities service providers to the German Savings Banks Finance Group. The official website shows it has over €400 billion ($434 billion) in assets under management. The bank has been operating for over 100 years and has over 5.2 million securities accounts.
The bank will use the Harmonize platform from METACO to provide its customers with digital asset custody and management operations.
Andreas Sack, the executive at DekaBank, quotes, “Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate. Today we make another important step towards laying the foundation for giving our institutional investors and millions of people in Germany access to this transformational opportunity.”
Banks Expand to Crypto Sector
The banks are gradually expanding on the digital asset class due to increasing client demands. Along with DekaBank, another German bank, N26, announced to provide crypto trading services to various European countries this month.
N26 aims to offer its customers in Germany, Switzerland, Ireland, Belgium, and Portugal the ability to trade 200 cryptocurrencies seamlessly.
In November last year, the Union Bank of the Philippines announced crypto trading services for its clients. The UnionBank also used Harmonize platform from METACO. It is worth noting that UnionBank is the largest bank in the Philippines.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.