German DekaBank taps Metaco for custody service

DekaBank, a German financial institution with 368.8 billion euros under management, has adopted Metaco’s Harmonize platform for its digital assets custody and management operations.

DekaBank joins forces with Metaco

As institutional interest in bitcoin (BTC) and other cryptocurrencies continue to surge despite the tumultuous market conditions of the past year, DekaBank, a Frankfurt-based financial institution that provides securities services for savings banks in Germany, has partnered with Metaco, a digital assets custody infrastructure provider to tier1 lenders.

With the partnership, DekaBank will leverage Harmonize, Metaco’s institutional-grade digital asset custody, and orchestration technology for the rollout of its digital assets management solution.

Commenting on the partnership with Metaco and the launch of its digital assets custody product, Andreas Sack, head of digital assets custody at DekaBank reiterated that digital assets are an integral part of the future, “a radical new way of real-world assets representation, from currencies to real estate,” adding that the move will unlock doors of transformational opportunities for its institutional clients.

DekaBank’s adoption of Harmonize for its crypto custody solution puts it among the growing list of highly reputed financial institutions that have followed the same path in recent months, including Societe Generale Citibank, and others.

Despite the regulatory dark clouds still stifling mainstream adoption of crypto, leading financial institutions have continued to embrace the nascent digital assets class.

In October 2022, Bank of New York Mellon (BNY Mellon), the oldest lender in the United States launched its digital assets custody solution. 

Presently, many regulated financial institutions across the globe offer crypto custody solutions, including State Street, U.S. Bank, NYDIG, Standard Chartered, and several others.