German Bank Moves To Incorporate Crypto Products For Institutional Clients

A German lending institution, DekaBank, has become the latest financial institution to incorporate crypto products. The company’s spokesperson, Andreas Sack, made the announcement on Tuesday morning. DekaBank will liaise with Metaco, a Swiss-based digital asset company, to make this happen.

The development is a welcome one in the crypto world as it shows that institutions are still optimistic about the future of cryptocurrencies. And with a total asset value of $390 Million, DekaBank is one of Germany’s most prominent lending institutions and is an institution worth watching.

However, the deal has yet to be legally cleared for takeoff. The bank must still obtain an operations license from the German Federal Financial Supervisory Authority (BaFin). Only then can they move forward with the arrangement.

Apart from DekaBank, some other institutions have employed Metaco’s services for crypto asset utilization. They include French Societe Generale and Citibank, the United States banking giant.

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