German Banking Giant Enters Cryptocurrency Sector!

360 billion euros a German credit institution with assets under management ($390 billion) DekaBankfor corporate clients cryptocurrency to improve their offers Swiss Metaco by choosing To Societe Generale (GLE) and Citibank (C) joined.

DekaBank Selects Swiss Crypto Expert Metaco To Steer Its Cryptocurrency Offering

The bank manages 360 billion euro assets and explores crypto products for its institutional clients.

Awaiting regulatory approval, Frankfurt-based DekaBank will use the Swiss company’s custody technology and orchestration platform, Harmonize, to run its crypto custody and asset management operations.

“Digital assets are a critical part of the future, a radical new way of how assets are represented, from currencies to real estate,” said Andreas Sack, product owner of DekaBank’s digital assets custody.

“Today we are taking another important step towards laying the foundation for providing our institutional investors and millions of people in Germany with access to this transformational opportunity.”

Institutional interest in the asset class remained steady as the crypto market tumbled into a decline in 2022. David Duong, head of institutional research at Coinbase, said on Monday that institutions are not bothered by the recent collapse of crypto exchange FTX and the ensuing spread.

DekaBank is one of Germany’s largest securities services providers. It focuses on custody, capital markets and wealth management solutions for the German Savings Banks Finance Group.

For DekaBank’s crypto products to move forward, the country must obtain a license from the Federal Financial Supervisory Authority (BaFin).

*Not investment advice.

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