DekaBank to Launch Blockchain-Based Tokenization Platform

Together with the digital asset startup Metaco, the German bank DekaBank, which has been in business for 105 years, is now working on the preparations necessary to launch a tokenization platform that is powered by blockchain technology.

Sack has said that the infrastructure for the tokenization platform will become accessible in the not too distant future, and that this will result in the introduction of the first minimum viable product in our cryptocurrency custody solution. Moreover, he believes that this will take place very soon. He went on to explain that it is extremely conceivable that the tokenization platform will have its first set of test transactions this year. He said that this year is the most likely time for this to occur.

In collaboration with the digital asset management platform Metaco Harmonize, the next blockchain platform that will be used by DekaBank is now in the process of being developed. The statement about the financial institution's relationship with Metaco was made in an official capacity on January 31. It is the intention of the bank to make use of Harmonize as the key platform for what it refers to as a "institutional digital asset offering."

According to Sack, the next sale will include tokenizing assets like as shares, bonds, and money in order to create a new token economy viable. This will make it possible to buy and sell tokens. In addition, he said that "Metaco is the key to this economy since it is our major management solution for tokenized assets on different blockchains." The reason for this is due to the fact that Metaco is the driving force behind this economy.

The CEO said that the process of tokenization takes use of a number of other blockchains, such as Ethereum and Polygon, amongst others. "It is not yet clear if there is one blockchain that will become the standard," he stated. "It is possible that several blockchains will coexist." There is a possibility that more than one blockchain may emerge as the industry standard.