DekaBank, a German bank that is 105 years old, has teamed up with digital asset firm Metaco to create a blockchain-based tokenization platform. The purpose of the partnership is not to deal with cryptocurrencies like Bitcoin, but to tokenize bonds and stocks.
According to Andreas Sack, DekaBank’s digital asset custody executive, the blockchain platform is expected to launch in 2024, with infrastructure set to be completed in 2023. Sack also mentioned that the first test transactions for the tokenization platform are likely to happen in the current year, and the first minimum viable product for their crypto custody solution will be launched using the tokenization platform’s infrastructure.
DekaBank is creating a blockchain platform in partnership with Metaco Harmonize, a digital asset management system. The bank officially announced this collaboration on January 31st, with the intention of using Harmonize as the main platform for their “institutional digital asset offering.”
Sack stated that their future offering will tokenize assets such as bonds, stocks, and funds to establish a new token economy. The success of this economy relies on Metaco, their key management solution for tokenized assets across various blockchains.
He also mentioned that many blockchains are employed for tokenization, including Ethereum and Polygon networks, but it’s uncertain if there will be a single blockchain that will emerge as the standard.
New information has emerged about DekaBank’s upcoming digital asset platform, which coincides with several major local banks entering the cryptocurrency industry. One of the world’s leading financial service providers, Deutsche Bank’s asset management arm, DWS Group, is reportedly interested in investing in two German crypto companies – Deutsche Digital Assets and Tradias.
In 2022, Germany was ranked as the most favorable crypto economy in the world based on factors such as a positive outlook on cryptocurrencies, clear tax regulations, and transparent regulatory communications. BaFin, the German financial authority, has issued licenses to several crypto exchanges, including Coinbase and Bitpanda.