As the European Leader provider of blockchain analytics and compliance platforms, the entire Scorechain team is excited about this partnership. In recent months, DZ Bank has taken a significant step to further strengthen its position as a leading provider of services based on blockchain technology.
DZ Bank is progressing with its positioning as a provider of services based on blockchain technology and has now found an important partner for a comprehensive compliance solution in Scorechain
It is one of the first financial institutions to launch such an offering specifically for institutional clients. With an impressive volume of over EUR 300 billion after BNP Paribas and State Street, DZ Bank is the third largest custodian in Germany and even the largest among German custodians.
A pioneer financial institution in Digital Assets
DZ Bank has been working intensively with blockchain technology for years and began developing a digital custody platform for institutional clients back in 2022. After DZ Bank then applied for a license for the custody of cryptocurrencies from the German Federal Financial Supervisory Authority (BaFin) in June 2023 in order to enable institutional clients to invest in digital assets such as Bitcoin in the future, the corresponding platform for the settlement and custody of digital financial instruments was then successfully implemented.
This was followed by the introduction of a suitable blockchain analytics and compliance solution. Following a thorough selection process, DZ Bank chose Scorechain's solution.
In the long term, the bank plans to process significant parts of its capital market business via infrastructures based on distributed ledger technology (DLT), whereby DLT is seen as a complementary technology to the established infrastructures in the existing capital market processes in the medium term.
In order to successfully operate the new custody solution, the bank has announced that it has hired more than a dozen employees in the areas of IT, operations and compliance.
Scorechain is joining this journey
Scorechain is proud to support DZ Bank on its journey into the future of financial services. By integrating Scorechain into its processes, DZ Bank will be able to offer its services efficiently while complying with regulatory requirements.
As the only European provider of blockchain analytics and compliance solutions, that operates its infrastructure exclusively in certified European Data Centers, we are delighted about this partnership.
Scorechain provides a powerful platform for analyzing blockchain data and ensuring compliance in the financial industry. By leveraging innovative technologies, Scorechain enables financial institutions such as DZ Bank to identify potential risks associated with transactions, implement monitoring measures and optimize compliance procedures.
For more information about DZ-Bank: https://www.dzbank.de/content/dzbank/de/home/die-dz-bank/presse/pressemitteilungen/2023/kryptoassets--dz-bank-startet-eigene-digitalverwahrplattform-.html