In a recent revelation, DZ Bank, the second-largest bank in terms of asset size in Germany, will fully integrate digital currencies into its asset management services. The DZ Bank has collaborated with Metaco, a Switzerland-based technology company whose mission is to enable financial and non-financial institutions to securely build their digital asset operations.
According to the firm’s announcement, DZ Bank selected Harmonize, Metaco’s custody platform to offer digital currencies to its institutional clients. Sources reveal that Harmonize is an orchestration system for digital assets. The platform seamlessly connects institutions to the new world of decentralized finance from cryptocurrency custody and trading to tokenization, staking, and smart contract management.
Nils Christopeit, an executive at DZ Bank, said that the Metaco Harmonize platform suits their requirements in terms of security and scalability. He added:
With the offering, we can build by using this technology, we trust to create a durable and fast-growing business cooperation as well as an attractive solution for our clients that can also meet the requirements of digital currencies and decentralized financial instruments.
Craig Perrin, the chief sales officer at Metaco, also poured his comments on the collaboration with DZ Bank. He expressed the team’s excitement in supporting DZ Bank’s institutional offerings and that Metaco’s infrastructure is specifically designed to support institutions adopting digital assets and participating in the digital asset economy. He added:
We are excited to announce this cooperation as it further establishes Metaco as a market leader in Germany, trusted by some of the country’s largest banks and exchanges.
Apart from Germany, Metaco has also collaborated with a Turkish automaker and one of the most popular local banks in the Philippines. In January, the firm partnered with Turkish automotive technology company Togg to help secure its smart contract-based auto mobility services. Last year, in November, it helped Union Bank of the Philippines to launch its custody and trading services for Bitcoin and Ether.
With the growing popularity of digital assets, several financial institutions have considered the idea of advancement. In November, In collaboration with the central bank of Singapore, JPMorgan participated in its first-ever decentralized finance (DeFi) transaction.
According to the Monetary Authority of Singapore (MAS), the transaction was one of many to announce the commencement of Project Guardian. The central bank said that the pilot program’s goal is to identify the potential use cases of DeFi applications in the financial markets. Additionally, it was an asset tokenization and international transfer experiment.