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VR banks launch crypto offering: revolution on the financial market!
Volksbank and Raiffeisenbanken are introducing crypto offers for private customers. DZ BANK launches digital custody platform for institutional investors.
VR banks launch crypto offering: revolution on the financial market!
An exciting change is emerging in the world of finance. Volksbanks and Raiffeisenbanks, which are organized as cooperatives, are increasingly showing entrepreneurial spirit in the area of cryptocurrencies. These banks plan to launch a retail crypto offering soon, attracting customer interest at a time of record prices for Bitcoin and other digital currencies. According to a report by the FAZ This offer is expected to start after the summer break.
The distribution of cryptocurrencies requires reliable trading partners as they are traded around the clock. Cryptocurrencies are subject to special regulations and are not considered securities. The Volks- und Raiffeisenbanken want to enable their customers to make decisions independently instead of offering comprehensive advice on cryptocurrencies. Commerzbank may be planning a similar approach with its Comdirect brand, but it currently has other priorities.
DZ Bank as a pioneer in digital change
DZ Bank recently launched its own platform for the processing and custody of digital financial instruments. The bank is one of the first credit institutions in Germany to provide such an offer based on blockchain technology for institutional customers. With over 300 billion euros in assets under management, DZ Bank is the largest depository in Germany, but comes third after BNP Paribas and State Street, as reported on its website DZ Bank is reported.
Dr. Holger Meffert, Head of Securities Services and Digital Custody at DZ Bank, expressed the expectation that in the next ten years a significant proportion of capital market business will be processed via DLT-based infrastructures. The bank has hired more than a dozen employees in IT, operations and compliance to ensure the operation of the new custody solution. This solution will initially hold crypto securities such as a Siemens crypto bond that has already been subscribed.
Regulation and future prospects
DZ Bank was also involved as processor and custodian in the first external transaction of crypto fund shares from Bankhaus Metzler. The custody of cryptocurrencies is possible through the Electronic Securities Act (eWpG) and existing licenses. In June, DZ Bank plans to apply for a crypto custody license from BaFin to enable institutional customers to invest in cryptocurrencies such as Bitcoin.
At the same time, the bank is also working on an offer for private customers to enable them to invest directly in cryptocurrencies. In addition, DZ Bank can actively participate in the exploration phase of the European Central Bank (ECB), which is testing the settlement of large-volume capital market transactions in central bank money. With these steps, DZ Bank is positioning itself as an important player in the growing market for digital assets.