Generative Data Intelligence

German Bank With $390B in AUM To Offer Crypto Products Soon

Date:

  1. German banking institution DekaBank will offer crypto products to institutional customers.
  2. The crypto offering is pending approval from BaFin, the country’s concerned regulator.
  3. Other institutions like France-based Societe Generale and Citi have offered the same since 2022.

DekaBank, a German banking institution with over $390 billion in assets under management (AUM), announced that it would offer cryptocurrency products soon.

According to various sources, the crypto products will be opened to the bank’s institutional clients. As to when this will happen, the banking institution revealed that the application is already pending approval from the country’s regulator, namely the Federal Financial Supervisory Authority (BaFin).

Once approved, DekaBank will offer the said service via a partnership with METACO, a digital asset custody firm based in Switzerland.

Andreas Sack, DekaBank’s Product Owner Digital Assets Custody head, said in a press release:

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”

The press release did not specify which type of digital assets will be serviced by DekaBank. Given the broad definition of digital assets, it is not fully clear if crypto will be part of the offerings at all. However, METACO is known as a crypto custody provider.

In addition, other financial institutions such as France-based Societe Generale and banking giant Citi have tapped METACO for similar services since 2022.

Read Also :

Tags: CitiCrypto CustodyDekaBankMETACO

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.

spot_img

Latest Intelligence

spot_img

Chat with us

Hi there! How can I help you?