One of the largest banks in Germany by total assets, DZ Bank, has launched a crypto custody platform. Additionally, the bank disclosed that alongside its solution for institutional customers, it is working on “an offer that allows private customers to invest directly in cryptocurrencies.”
Germany’s DZ Bank Debuts Digital Custody Platform
DZ Bank, one of the largest banks in Germany, announced the launch of its own digital custody platform last week. “To operate the new custody solution, the bank has hired more than a dozen employees in IT, operations, and compliance,” the announcement detailed (translated by Google). As of the end of June, the bank’s total assets amounted to €367.50 billion ($392.35 billion), and it had a workforce of 5,411 employees.
The bank explained that it had been working with blockchain technology for years before it began developing a digital custody platform for institutional clients in 2022. The announcement described:
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