DZ Bank, Germany’s second largest bank, has announced that it will add digital currency to their wealth management services. This is clearly a sign that financial institutions in Germany are starting to open up to the world of cryptocurrencies.
DZ Bank is a major global player with over $620 billion in assets under management.
The bank will provide its customers with access to digital currencies such as bitcoin (BTC), ethereum (ETH) and litecoin (LTC) through regulated funds. This means that clients can take advantage of the great potential of crypto without having to worry about the technical aspects of owning and trading crypto. After all, this is for many people in the traditional world of finance another hell of a job.
DZ Bank has selected Harmonize, a platform from Metaco, to offer cryptocurrencies to its institutional clients. Nils Christopeit, a top executive at DZ Bank, said Metaco’s Harmonize platform meets their security and scalability requirements:
“With the offering we are able to build using this technology, we are confident to create a sustainable and fast-growing business partnership, as well as an attractive solution for our customers that can also meet the demands of digital currencies and decentralized financial instruments.”
DZ Bank’s step cryptocurrencies to add to its wealth management services is a clear indication of the growing interest in crypto in our neighboring country. The country is known for its strict regulations in the field of financial services, but seems to be slowly realizing that the crypto market can no longer be ignored.
Crypto adoption in Germany
DZ Bank’s move proves once again that large financial institutions are becoming aware of the opportunities offered by the crypto market. This despite the fact that the market today is of course still quite under water and nasty events, such as the demise of ftxhave recently taken place.
With the increasing adoption of cryptocurrencies by financial institutions, it seems that cryptocurrencies are becoming an increasingly important part of the traditional financial sector. This can have positive consequences for the growth and stability of the crypto market in the long term.