One of Germany’s largest asset managers will offer bitcoin and cryptocurrency to its clients.
DekaBank, which has over 360 billion euros ($390 billion) is assets under management (AUM), has selected Swiss crypto services provider Metaco to underpin and orchestrate its digital asset custody and management operations, per a Tuesday press release.
DekaBank is a key provider of securities services in Germany, offering a broad 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 a regulated and intuitive investment vehicle.
“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate,” said Andreas Sack, DekaBank’s product owner for digital assets custody, per the press release. “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.”
In July 2021, DekaBank was reportedly considering investing in bitcoin following a new German law that would let institutional funds, so-called Spezialfonds, put up to 20% of their holdings in BTC and other cryptocurrencies.