<p>DZ Bank,
one of the largest German banks in terms of held assets, has announced its
newest partnership with Metaco, a digital assets <a href=”https://www.financemagnates.com/terms/t/technology-provider/” class=”terms__main-term” id=”35d66747-cf26-42b4-be1f-d75d2fdd8824″ target=”_blank”>technology provider</a>, widening
its current asset management and custody services with digital currencies. </p><p>Metaco Enters into
Partnership with DZ Bank</p><p>According
to Thursday’s press release sent to Finance Magnates, the German lender
selected Harmonize custody platform by Metaco to offer its institutional clients
access to cryptocurrencies. The decision to cooperate with the Swiss-based
company was made after extensive diligence and a proof-of-concept process.</p><p>Metaco’s
agnostic model allows for diverse deployment approaches and incorporates a
hardware-based key management infrastructure, ensuring the security of various
digital assets, such as tokenized securities like bonds and equities.
Additionally, Harmonize provides a flexible governance framework that enables
the customization of risk and compliance controls, while fully segregating
multiple business units and clients to ensure policy, user, account, and asset
isolation.</p><p>Nils
Christopeit, the Lead Solution Design Digital Custody at DZ Bank, said the
Harmonize platform proved a “powerful solution” supporting the DZ Bank
operating model.</p><p>”With
the offering we can build by using this technology, we trust to create a
durable and fast-growing business cooperation as well as an attractive solution
for our clients that can also meet the requirements of digital currencies and
decentralized financial instruments,” Christopeit added.</p><p>DZ Bank is
a provider of various financial services, with a particular focus on asset
management for institutional clients. It stands out as one of the largest
German lenders and custodians, having €297 billion in assets under its administration
by the end of 2022.</p><p>Metaco’s
Chief Sales Officer, Craig Perrin, stated that the company’s infrastructure is
an excellent fit for financial institutions looking to capitalize on the crypto
assets industry.</p><p>Watch the recent FMLS22 panel discussion on: “Hodling on? Reimagining Crypto Market Structure.”</p><p>Seven Years of Metaco’s
Expansion</p><p>Metaco is
an enterprise technology company that was established in Switzerland in 2015.
The company’s primary goal is to empower financial and non-financial
institutions to construct their digital asset operations securely.</p><p>In recent
years, Metaco established partnerships with many leading companies in the
broader financial industry. For example, in 2019, the leading insurance broker, <a href=”https://www.financemagnates.com/cryptocurrency/news/crypto-custody-platform-metaco-gets-insurance-coverage-from-aon/” target=”_blank” rel=”follow”>Aon
became a partner of the cryptocurrency firm</a>.</p><p>A year
later, the crypto custody platform successfully <a href=”https://www.financemagnates.com/cryptocurrency/metaco-raises-17m-in-series-a-funding-round/” target=”_blank” rel=”follow”>closed a $17 million Series A funding
round</a>. According to announcements at the time, the round was oversubscribed,
with demand over double the initial target and led by Giesecke+Devrient, a
German-based security technology company.</p><p>Additionally, Societe
Generale <a href=”https://www.financemagnates.com/fintech/societe-generale-counts-on-fintech-metaco-to-grow-digital-asset-activities/” target=”_blank” rel=”follow”>bet on Metaco’s cryptocurrency offering</a>, wanting to build “a
solid foundation” for its digital asset business. Additionally, the
collaboration enabled it to lead efforts to integrate security tokens into
traditional finance.</p><p>Finance
Magnates recently
informed that the Swiss-based <a href=”https://www.financemagnates.com/terms/f/fintech/” class=”terms__secondary-term” id=”891edcf3-475e-45f3-a8b8-3ba2e7d37339″ target=”_blank”>fintech</a> company <a href=”https://www.financemagnates.com/executives/metaco-gets-new-chief-growth-officer-seamus-donoghue/” target=”_blank” rel=”follow”>appointed Seamus Donoghue</a> as its
Chief Growth Officer. Until his appointment, Donoghue was the Vice President of
Strategic Alliances.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
