crypto news cryptocurrency Ripple crypto Xrp Coin crypto coin with the image of Ripple XRP lies on the tabl

DZ Bank partners with Ripple to launch blockchain custody service


crypto news cryptocurrency Ripple crypto Xrp Coin crypto coin with the image of Ripple XRP lies on the tabl

DZ Bank launches a blockchain-based digital asset custody platform, advancing Germany’s crypto services for institutional and private clients.

The second largest bank in Germany, DZ Bank, has unveiled a proprietary service for safeguarding crypto assets, targeting institutional clientele. This service will leverage the capabilities of Metaco Harmonize, a platform developed by the blockchain firm Ripple.

The move signifies a merger of conventional banking and blockchain in Germany.

The partnership also signifies an achievement for Ripple, as the blockchain’s integration across traditional banking continues to grow. Ripple has been on a hot streak since last week, after the SEC dropped its long-lasting lawsuit against the firm, and XRP has rallied over 33% in a fortnight. 

Germany’s growing crypto and blockchain adoption

DZ Bank is actively expanding its services to eventually enable individual and institutional clients to purchase digital currencies directly, with Bitcoin cited as a prime example. In preparation for this expansion, DZ Bank sought regulatory approval in mid-2023, submitting an application for a cryptocurrency custody license to BaFin, Germany’s finance watchdog.

This development is part of a larger trend among German banking institutions, adapting to a growing interest in digital currencies despite the country’s stringent regulatory landscape. Efforts to integrate cryptocurrencies into conventional financial services are accelerating. The country’s blockchain funding has increased by 3% this year, as major exchanges like Coinbase have recognized Germany as a key region for web3 talents. 

Earlier in the year, Deutsche WertpapierServiceBank made a significant leap by introducing wpNex, a trading platform for digital assets, providing a gateway for over a thousand German banks into the cryptocurrency industry. Additionally, DWS Group, with a controlling interest held by Deutsche Bank, has made public its initiatives towards launching crypto-related exchange-traded products in Europe. 


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