A blockchain-based tokenization platform will be released by the 105-year-old DekaBank in conjunction with the digital asset company Metaco.
According to DekaBank's digital asset custody chief Andreas Sack, the company plans to launch its blockchain platform in 2024, with the infrastructure being ready in 2023.
“The tokenization platform infrastructure will be ready in the foreseeable future, and that will launch the first minimum viable product in our crypto custody solution,”
stated Sack. The tokenization platform's initial test transactions are probably going to happen this year, he noted.
"Metaco is the key to this economy because it is our key management solution for tokenized assets on different blockchains.”
Future blockchain platform for DekaBank is being developed in conjunction with digital asset management platform Metaco Harmonize. On January 31, the bank formally announced their collaboration with Metaco, with the intention of using Harmonize as the main platform for a "institutional digital asset offering."
In order to allow a new token economy, Sack claims that the future sale would tokenize assets including bonds, equities, and fiat.
The executive pointed out that several blockchains, including the Ethereum and Polygon networks, are utilized for tokenization.
“It is not yet clear if there is one blockchain that will become the standard.”
Sack stressed that as part of its collaboration with Metaco, DekaBank does not intend to provide trading of cryptocurrencies like Bitcoin. According to the German Electronic Securities Act, DekaBank is focused on regulated goods, he explained, adding:
“Cryptocurrencies are tradable around the world, more regulated in some parts of the world, and less to not regulated in other parts of the world. The implications that can arise due to these disparities are potentially very large and can carry very high risks.”
The latest information on DekaBank's future digital asset platform comes as some significant regional banks enter the bitcoin market. According to reports, Deutsche Bank's asset management division, DWS Group, is looking to invest in two German cryptocurrency firms, namely Tradias and Deutsche Digital Assets.
According to certain assessments, Germany's crypto economy became the most advantageous in the world in 2022 due to elements including a positive outlook for the industry, transparent regulatory communications, and clear tax regulations. Multiple licenses have been granted to cryptocurrency exchanges, including companies like Coinbase and Bitpanda, by the German financial regulator BaFin.