DZ Bank launches his own platform for storing digital assets – Bits Media

The third largest Bank of Germany, DZ Bank, announced the launch of his own platform for storing digital assets.

The platform will work with institutional clients, offering them cryptocurrency securities, such as crypto -blocking from Siemens, It is said in Bank's statement.

Holger MEFFERT (Holger Meffert), Head of Securities Service and Dig Storage Services in DZ, stated, that the bank is interested in the distributed registry technology (DLT). DLT is an electronic database system, which is distributed between several devices. Its main feature is the absence of a single controlling body.

“We assume, that over the next ten years, a significant part of the business market will be processed through DLT infrastructure.. In the medium term, we consider DLT as an additional technology to existing infrastructure in existing capital market processes ", - said MEFFERT.

The bank also plans to offer institutional investors and private customers the opportunity to buy cryptocurrencies in the future. For this in June 2023 years DZ applied for a license to store cryptocurrency to the federal financial supervision body of Germany (BaFin). 

In February, DZ said, that it begins to add digital currencies to the list of asset management services. The bank cooperates with Metaco, specializing in the storage of cryptocurrencies.

Earlier on Bits.media, large -scale material about cryptobanks came out.