- DZ Bank has launched its crypto custody service for institutional investors.
- Sources close to DZ Bank say that it is also planning to launch crypto investment services soon.
- The news coincides with rumors that the SEC approving spot BTC ETFs is drawing nigh.
DZ Bank, Germany’s third-largest banking institution with at least 300 billion euros ($322.6 billion), has premiered its crypto custody service. The service is open initially to the bank’s institutional clients.
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The announcement, originally written in German, said that the bank had already hired dozens of employees dedicated to this service alone. In addition, the bank assures that their operations will be totally compliant with appropriate regulations.
In another press release, DZ Bank’s head of securities and digital custody Holger Meffert said:
“We assume that within the next ten years a significant proportion of capital market business will be processed via distributed ledger technology (DLT)-based infrastructures. In the medium term, we see DLT as a complementary technology to the established infrastructures in the existing capital market processes.”
In essence, Meffert is suggesting that DZ Bank may continue exploring products and services that involve blockchains and cryptocurrencies. What is more, the bank hinted at possibly offering crypto investment offerings to institutional investors in the future. However, the bank did not share any details as to which cryptocurrencies it is looking to offer.
The news was a welcome tidings to crypto supporters, especially those who know how big DZ Bank is in Germany.
The timing coincides with rumors of the US Securities and Exchange Commission’s (SEC) stamp of approval for spot Bitcoin (BTC) exchange-traded funds (ETF) in the US. Other countries have already been ahead in this regard, as the total amount of assets invested in spot BTC ETFs have totaled $4.16 billion, according to Reuters.
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