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DZ Bank launches a blockchain-based digital asset custody platform, advancing Germany’s crypto services for institutional and private clients.
The second largest bank in Germany, DZ Bank, has <a href="https://www.dzbank.de/content/dzbank/de/home/die-dz-bank/presse/pressemitteilungen/2023/kryptoassets--dz-bank-startet-eigene-digitalverwahrplattform-.html" target="_blank" rel="noopener noreferrer nofollow">unveiled</a> a proprietary service for safeguarding crypto assets, targeting institutional clientele. This service will leverage the capabilities of Metaco Harmonize, a platform developed by the blockchain firm Ripple.
The move signifies a merger of conventional banking and blockchain in Germany. The partnership also signifies an achievement for Ripple, as the blockchain’s integration across traditional banking continues to grow. Ripple has been on a hot streak since last week, after the SEC dropped its long-lasting lawsuit against the firm, and XRP has rallied over 33% in a fortnight.&nbsp;
You might also like: <a href="https://crypto.news/is-ripples-xrp-headed-for-a-new-peak-current-trends-and-predictions/" rel="noopener noreferrer nofollow"> Is Ripple’s XRP headed for a new peak? Current trends and predictions </a>
<h2 class="wp-block-heading" id="germany-s-growing-crypto-and-blockchain-adoption">Germany’s growing crypto and blockchain adoption</h2>
DZ Bank is actively expanding its services to eventually enable individual and institutional clients to purchase digital currencies directly, with Bitcoin cited as a prime example. In preparation for this expansion, DZ Bank sought regulatory approval in mid-2023, submitting an application for a cryptocurrency custody license to <a href="https://crypto.news/bafin-rejects-binances-crypto-custody-license-application/" data-type="link" data-id="https://crypto.news/bafin-rejects-binances-crypto-custody-license-application/" rel="noopener noreferrer nofollow">BaFin</a>, Germany’s finance watchdog.
This development is part of a larger trend among German banking institutions, adapting to a growing interest in digital currencies despite the country’s stringent regulatory landscape. Efforts to integrate cryptocurrencies into conventional financial services are accelerating. The country’s blockchain funding has <a href="https://crypto.news/germanys-blockchain-funding-increased-by-3-report-says/" rel="noopener noreferrer nofollow">increased</a> by 3% this year, as major exchanges like <a href="https://crypto.news/coinbase-selects-germany-as-a-key-regional-talent-hub-amid-the-growing-shift-of-web3-firms-from-the-us/" rel="noopener noreferrer nofollow">Coinbase</a> have recognized Germany as a key region for web3 talents.&nbsp;
Earlier in the year, Deutsche WertpapierServiceBank made a significant leap by introducing wpNex, a trading platform for digital assets, providing a gateway for over a thousand German banks into the cryptocurrency industry. Additionally, DWS Group, with a controlling interest held by <a href="https://crypto.news/deutsche-bank-awaits-regulatory-approval-to-offer-digital-asset-custody-services/" data-type="link" data-id="https://crypto.news/deutsche-bank-awaits-regulatory-approval-to-offer-digital-asset-custody-services/" rel="noopener noreferrer nofollow">Deutsche Bank</a>, has made public its initiatives towards launching crypto-related exchange-traded products in Europe.&nbsp;
Read more: <a href="https://crypto.news/bitfinex-suffers-phishing-attack-says-there-is-no-loss-of-funds/" rel="noopener noreferrer nofollow"> Bitfinex suffers phishing attack, says there is ‘no loss of funds’ </a>

DZ Bank partners with Ripple to launch blockchain custody service

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