DekaBank Signs Deal with Metaco to Offer Digital Assets to Institutions
• DekaBank, a 105-year-old bank managing over $428 billion in assets, has signed a deal with Metaco to begin offering digital assets to institutions.
• DekaBank will leverage Metaco’s Harmonize, a “custody and orchestration” platform, to manage all its digital asset operations.
• Metaco’s Harmonize allows launching „complex banking value propositions around digital assets, such as custody of cryptocurrencies and digital securities, underpinned by institutional-grade security and compliance standards.”
DekaBank, one of the world’s oldest and most successful banking institutions, recently announced a partnership with Metaco, a Swiss-based firm specializing in digital assets, to offer digital assets to its institutional clients. This agreement follows a rigorous selection process and thorough proof-of-concept by DekaBank and will enable the bank to use Metaco’s Harmonize platform, a “custody and orchestration” platform, to manage its digital asset operations.
DekaBank’s partnership with Metaco is a major endorsement for the crypto industry, as it allows the bank to expand its range of products and services to include crypto services for institutions such as pension funds. This is of particular importance, as these institutions are often held to stricter regulatory requirements, which may limit their direct exposure to cryptocurrencies such as Bitcoin.
Metaco’s Harmonize platform was developed and launched in partnership with top-tier global banks and allows for the launching of “complex banking value propositions around digital assets, such as custody of cryptocurrencies and digital securities, underpinned by institutional-grade security and compliance standards.” As a result, DekaBank joins other banks such as Citibank and Societe Generale in relying on Metaco’s services, which is a testament to the quality of the platform and the trust that it has earned from the banking industry.
The partnership between DekaBank and Metaco is sure to have a major impact on the crypto industry and is a significant step towards the mainstream acceptance of digital assets. With the bank managing over $428 billion in assets, this deal represents a major endorsement of the industry and could lead to more institutions entering the digital asset space. As the industry continues to mature, it is likely that more traditional banks will follow in DekaBank’s footsteps and begin offering digital asset services to their clients.