Germany’s DZ Bank has announced that Metaco, a subsidiary of Ripple Labs, will be the main engine behind its cryptocurrency custodian initiative.
One of the biggest banks in Germany, DZ Bank, has revealed its intentions to use Ripple’s technology for its Digital Asset Custody platform, which it will be making available to institutional clients.
The conventional financial system has been evolving recently, but this time, it has included blockchain technology. Numerous traditional financial institutions are interested in cryptocurrencies and related businesses and innovations.
The central bank of the cooperative banking network Volksbanken Raiffeisenbanken, also known as DZ Bank AG, has taken advantage of the rising demand.
The German bank recently made the ground-breaking statement that it was going live with its commercial digital asset custody product for institutions.
The announcement was particularly significant because DZ Bank is headed toward becoming one of the first regulated banks in Germany to introduce these kinds of cryptocurrency-related offerings to institutional clients.
DZ BANK may now settle and retain cryptocurrency assets in accordance with German Electronic Assets Act regulations, serving as a crypto custodian for institutional clients as part of its expanded capabilities.
