105-Year-Old German Bank Readies To Offer Crypto Services

German finance stalwart DekaBank is preparing to offer crypto services to institutional clientele, indicating bigwig interest isn’t slowing

article-image

Shutterstock.com/Tobias Arhelger, modified by Blockworks

share

German lender DekaBank has tapped Metaco to head up its digital asset operations as the financial player looks to expand into institutional crypto offerings. 

DekaBank, which currently manages more than 360 billion euros ($390.9 billion) in assets, will use Swiss services provider Metaco for custody and capital market solutions, the bank announced Tuesday. The partnership is pending regulatory approval. 

Metaco, founded in 2014, specializes in institutional cryptocurrency custody and trading, as well as decentralized finance (DeFi) services. 

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate,” Andreas Sack, product owner of digital assets custody at DekaBank, said in a statement

“Today we make another important step towards laying the foundation for giving our institutional investors and millions of people in Germany access to this transformational opportunity.”

DekaBank, founded in 1918, is the securities provider of Sparkassen-Finanzgruppe, the largest financial services group in Europe.

Metaco has experience with the European regulatory system, DekaBank noted in Tuesday’s press release. Metaco “established itself as a leading technology provider to financial institutions and corporations in the digital asset ecosystem,” the release read.  

The Metaco partnership is not Sparkassen-Finanzgruppe’s first foray into crypto. In December 2021, the banking group confirmed it was working on a pilot project to allow customers to access bitcoin and ether directly through their existing accounts. 

DekaBank’s announcement comes shortly after Metaco revealed it would be partnering with Togg, a Turkish car company, on its mobility ecosystem built on the Avalanche blockchain. 

In any case, DekaBank’s native Germany has been known as one of the more friendly countries when it comes to crypto regulation, Renate Prinz, partner at McDermott Will & Emery LLP, wrote in a November 2022 blog

The country has some of the clearest guidelines on licensing requirements and token classification, Prinz said, allowing for investors and businesses to more confidently enter the space.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

I’ve come to the realization that more attention is needed to create and sculpt the digital spaces where we live

article-image

The NYSE went down yesterday after a glitch caused a string of erroneous trades. Does DeFi fix this?

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them