- German banking institution DekaBank will offer crypto products to institutional customers.
- The crypto offering is pending approval from BaFin, the country’s concerned regulator.
- 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.
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