- German financial giant DekaBank will offer bitcoin products to its institutional customers.
- The company is partnering with Swiss service provider Metaco to build a suite of new offerings.
- DekaBank is the leading provider of securities services and capital market solutions for the German Savings Bank Financial Group.
One of Germany’s largest asset managers will offer bitcoin and cryptocurrency to its clients.
DekaBank, which has more than 360 billion euros ($390 billion) in assets under management (AUM), has chosen Swiss crypto service provider Metaco to support and manage its digital asset management operations, according to a Tuesday press release.
DekaBank is a leading provider of securities services in Germany, offering a range of services including custody, asset management and capital market solutions to the German Saving Banks Finance Group. The new partnership will enable DekaBank’s extensive network of savings banks to access bitcoin and cryptocurrency services through an organized and intuitive investment vehicle.
“Digital assets are a critical part of the future, a radical new way of how assets will be represented, from currency to real estate,” said Andreas Sack, DekaBank’s product owner for custody of digital assets, according to a press release. “Today we are taking another important step to lay the groundwork to give institutional investors and millions of people in Germany access to this transformational opportunity.”
In July 2021, DekaBank is reportedly considering investing in bitcoin following a new German law that will allow institutional funds, called Spezialfonds, to place up to 20% of their holdings in BTC and other cryptocurrencies.