DekaBank has announced it will offer cryptocurrency products to its institutional customers. DekaBank, is a German banking infrastructure with over $390 billion in assets under management (AUM), According to various sources, the crypto products will be opened to the bank’s institutional clients.
The crypto offering is pending approval from BaFin, the country’s concerned regulator. Other institutions like France-based Societe Generale and Citi have offered the same since 2022.
As to when this will happen, the banking institution revealed that the application is already pending approval from the country’s regulator, namely the Federal Financial Supervisory Authority (BaFin). Once approved, DekaBank will offer the said service via a partnership with METACO, a digital asset custody firm based in Switzerland.
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Andreas Sack, DekaBank’s Product Owner Digital Assets Custody head, said in a press release:
Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate,” Andreas Sack, product owner of digital assets custody at DekaBank.
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.
The press release did not specify which type of digital assets will be serviced by DekaBank. Given the broad definition of digital assets, it is not fully clear if crypto will be part of the offerings at all.
However, METACO is known as a crypto custody provider. In addition, other financial institutions such as France-based Societe Generale and banking giant Citi have tapped METACO for similar services since 2022.
Relatively, The UK Treasury is seeking a Head of Central Bank Digital Currency and Senior Policy Adviser for Central Bank Digital Currency, yet another ‘conspiracy theory’ becoming a reality.
Apparently, the Labour backed (WEF) Oxford 15 minute city needs digital ID and CBDC to work. Your power to purchase will only work within your allocated sector unless you are authorised out of that sector.
Meanwhile, Nigeria limits cash withdrawal to $45 per day in CBDC, digital push. Most Nigerians refused the E-Naira when it was introduced and will never use it. I personally will not be using it that’s for sure. There is no trust for the government.