The organization aims to deliver its blockchain platform in 2024.
The tokenization platform’s initial trial trades would probably happen this year.
With the help of digital asset company Metaco, the 105-year-old German bank DekaBank plans to introduce a tokenization platform built on the blockchain. Digital asset custody executive at DekaBank Andreas Sack said the organization aims to deliver its blockchain platform in 2024. With the underlying infrastructure completed by 2023.
Sack stated:
“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.”
Moreover, he also said that the tokenization platform’s initial trial trades would probably happen this year. The upcoming DekaBank blockchain platform is built in tandem with Metaco Harmonize, a digital asset management system. On January 31st, the bank publicized its intention to implement Metaco’s Harmonize as the backbone of an “institutional digital asset offering.”
No Plans to Allow Crypto Trading
Moreover, Bonds, equities, and funds, among other assets, will be tokenized in the next offering, as per Sack, making way for a new token economy. He referred to Metaco, their key management system for tokenized assets across blockchains, as “the key to this economy.”
Furthermore, the executive said that several blockchains are used for tokenization, mentioning Ethereum and Polygon as examples. Furthermore, “It is not yet clear if there is one blockchain that will become the standard,” he added.
Sack stressed that despite the collaboration with Metaco, DekaBank has no plans to allow the trading of cryptocurrencies like Bitcoin. Moreover, he said that this was due to DekaBank’s exclusive dealings in items that are regulated under the German Electronic Securities Act.