Larger German bank starts offering bitcoin services

Last Updated: 23 February 2023

DZ Bank is looking at bitcoin (BTC) storage. Service provider Metaco is in the picture to take care of it.

DZ Bank is the second lender bank behind Deutsche Bank. Switzerland-based Metaco is to help the bank store bitcoin and other ‘digital assets’.

Metaco is on a roll, in the last eight months it already announced three other similar collaborations. CitiBank, Societe Generale and DekaBank already preceded DZ Bank.

Banks often do not build their own infrastructure when it comes to service lending around bitcoin. They often work with a tech platform. In this case, it is Harmonize, which has to manage the services. Initially, mainly institutional investors can use the services.

Exchanges and brokers are making billions worldwide with services for bitcoin. Banks hope to profit from this in their own way.

DZ Bank is a German bank and service provider for cooperative banks and their customers, headquartered in Frankfurt am Main. It is a major player in the cooperative sector and acts as the central bank for around 850 cooperative banks in Germany. The bank offers various financial services such as investment banking, retail banking, asset management and risk management.

It remains to be seen whether customers of DZ Bank can also find their way to bitcoin services. In Germany, so-called Spezialfondsen are allowed to invest up to 20% of their assets in bitcoin and other cryptocurrencies. In the banking sector, too, we see more and more players signing up.

  • Gabriele Spapperi

    I first came into contact with Bitcoin in 2017 - and since then, the topic of cryptocurrencies has never left me. For this reason, I have also made BTC & Co. part of my profession and write as a freelance author for crypto publications.

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