To provide cryptocurrency and digital asset management services, Swiss company Metaco and German bank DZ have collaborated on a new project. DZ appears to be, in terms of assets, the second-largest lender in Germany behind Deutsche Bank.
DZ Bank has managed assets totaling $315 billion at the end of 2022. According to the official statement, the bank will manage its cryptocurrency services for corporate clients using Harmonize, a blockchain technology developed by Metaco.
Companies involved in cryptocurrencies appear to be losing ground in Germany recently. CoinShares’ most recent weekly report reveals the industry with the highest volume of outflows last week. The company has distributed cryptocurrencies worth more than $23 million.
In turn, Swiss businesses increased their asset holdings by $5 million. Metaco has signed contracts with a wide range of well-known businesses and financial institutions over the past few months, including Societe Generale and Togg, as well as DekaBank, Citibank and UnionBank of the Philippines.
According to DZ Bank executive Nils Christopeit, Metaco Harmonize has demonstrated itself to be a dependable solution that is able to support the bank’s operations. He added that with the help of this grant, the company will be able to use this technology to come up with smart, long-term and fast-growing business support and smart solutions for our customers that can also accommodate digital currency and cashless financial applications.
Craig Perrin, the sales director at Metaco, stated that the Swiss digital asset company’s technology equipment was designed specifically to assist financial institutions in utilizing the cryptocurrency and digital asset environments.