DekaBank‘s digital asset operations are to now be managed by the custody and orchestration platform of METACO.
DekaBank, which provides securities services and capital market solutions to the German Savings Banks Finance Group (Sparkassen-Finanzgruppe), has selected METACO, a provider of digital asset custody and orchestration technology, to underpin and orchestrate its digital asset custody and management operations.
As a result, it is METACO’s custody and orchestration platform, Harmonize, that DekaBank will leverage in the management of its digital asset operations.
Developed in partnership with Tier 1 banks, the platform consequently enables the commercial launch of complex banking value propositions around digital assets, including custody of cryptocurrencies and digital securities, underpinned by institutional-grade security and compliance standards.
With over €360billion in assets under management, DekaBank is a key provider of securities and digital asset custody services in its native German market.
This provision extends to Sparkassen-Finanzgruppe in custody, asset management and capital market solutions. In this way, the swift management of its digital asset operations is of the utmost importance.
Germany currently exercises a strictly regulated environment for digital asset services. For this reason, the country’s Federal Financial Supervisory Authority (BaFin) requires all of the country’s service providers to apply for licenses in order to operate.
Correspondingly, the use of METACO’s Harmonize platform will benefit DekaBank’s intention to safeguard its digital assets with its associated management-agnostic and compliance capabilities.
A configurable governance engine underpins the platform’s capabilities. This design is enabling DekaBank to define its own policies in accordance with its own initiatives, which it cites as a critical criterion in its selection process.
In addition, Andreas Sack, who is the product owner of digital assets custody at DekaBank, considers digital assets “a critical part of the future” and “a revolutionary new way of representing assets,” ranging from currencies to real estate.
“Today we make another important step towards laying the foundation for giving our institutional investors and millions of people in Germany access to this transformational opportunity,” continues Sack. “METACO is the right partner for DekaBank to create new services that are secure, compliant, and future-proof.”