Ripple Labs subsidiary Metaco announced that it is collaborating with DZ Bank, one of Germany’s largest banks. In this regard, Metaco became the key partner that will enable it to operate as a crypto custody institution.
Ripple brings fusion of crypto and finance
DZ Bank, one of the largest banks in Germany, decided to launch its Digital Asset Custody platform. The bank will provide this service to its corporate customers. That’s why it announced plans to leverage Ripple technology for offers. Recently, the traditional financial system continues its evolutionary trends. But this time it does this with the integration of Blockchain technology. Many traditional financial institutions are showing interest in crypto and related innovations and businesses. In light of this new demand, the central institution of the cooperative financial network Volksbanken Raiffeisenbanken, popularly known as DZ Bank AG, has joined this trend.
The German bank has made a groundbreaking announcement that its commercial crypto asset custody offering for institutions will soon be launched. DZ Bank is on track to become one of the first regulated banks in Germany to launch such crypto-related offers to corporate customers. The news of the partnership with the Ripple subsidiary also indicates a major milestone for this. DZ BANK will now be able to act as a crypto custodian for institutional clients. So, it is now possible to register and store crypto securities under German law.
DZ Bank and Metaco are going to cooperate
cryptokoin.comAs you follow from , Ripple Labs recently acquired Metaco. Metaco stated that DZ Bank used digital asset custody and issuance platform Harmonize™ for the offering. This partnership announcement first came in February. During this period, DZ Bank conducted an extensive Proof of Concept and review process evaluating the platform. After much consideration, the Bank decided that Ripple’s Metaco was the right choice for DZ Bank. The decision took into account Harmonize’s compliance with DZ BANK’s requirements for security, scalability and ability to quickly adapt to future changes. Ripple subsidiary stated the following regarding the issue:
Harmonize™ played a pivotal role in powering the launch of DZ BANK’s recently launched institutional digital asset custody offering. The partnership with DEZ Bank marks a significant milestone in the journey of combining traditional finance with the digital asset economy.
Metaco from Ripple Labs points out that DZ Bank always prioritizes regulatory compliance and security. In this regard, it is considered as one of the few institutions that attach importance to these issues.
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