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💥Germany’s 2nd largest bank DZ to launch crypto custody. Wants a wholesale digital euro💥
October 04, 2022
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DZ Bank, Germany’s second largest by assets, is working on adigital asset custodysolution. The move is driven by client demand, less so for cryptocurrency and more for digital financial instruments, although the solution will handle both. On the securities settlement side, the bank is keen to see the European Central Bank progress toward a wholesale central bank digital currency (CBDC) to enable the settlement of distributed ledger (DLT) transactions.

The bank has been working on the strategy and design of the custody solution for some time and is in the process of appointing a consultant to help to implement the solution and assist with BaFin regulatory approval. At this stage, it is not planning to partner with one of the crypto custody technology firms but intends to develop its own offering.

Talking to Holger Meffert, who heads the bank’s securities management division, he clarified that a key driver is client demand. One of the bank’s biggest clients is Union Investment. While perhaps less well known internationally, Union has assets under management of €427 billion ($427bn), which is only 7% less than the famed American KKR. “For most of the funds that Union Investment has, we are their depository bank, so we should be able to cover their needs,” said Meffert.

Compared to other asset managers, Union Investment considers innovation a high priority. For example, last year, it made a significant investment in theEuropean Investment Bank (EIB) €100mtokenized Ethereum bond issuance, with DZ Bank involved as well. At the time, Union’s Christoph Hock said, “We expect the use of blockchain in combination with tokenization to become a game changer for the industry.”

While DZ Bank is focused on its German clients, asset managers tend to invest internationally, and DZ has to be able to support that.

Digital currency for securities settlement

Alongside Union Investment, DZ Bank was involved in the EIB bond transaction, which settled in a wholesaleCBDC pilot transactionprovided by the Banque de France.

When Meffert was asked about plans to tokenize money for securities settlement, he was emphatic about the need to settle in central bank money on ledger.

Early last year, DZ Bank participated in theBundesbank’s experimentsto trial the settlement of DLT transactions using conventional central bank money. It involved a trigger mechanism integrating with the TARGET2 real-time gross settlement system (RTGS), which enables delivery versus payment (DvP) transactions.

While the ECB has been working on a retaildigital euro, he said in the last three months, it has quietly started to canvas banks about a wholesale digital euro. During the past week, theECB has confirmedas much.

Asked about the Bundesbank trigger approach, Meffert said, “This would be a solution that would be a temporary one. Because really doing it the right way would need to have a coin on ledger which is able to settle on ledger.” Meffert clarified that it’s the only way to reap the efficiencies of DLT and all the large organizations he’s talked to consider a wholesale CBDC as “mandatory”.

Fnality, a consortium of 16 major institutions, has plans for a tokenized digital euro backed by central bank deposits, a so-called synthetic CBDC. Surely that’s a good solution? “This would help to get closer to the goal, but it wouldn’t be the goal,” said Meffert. “Because any kind of institution you have which is backing this stuff is counterparty risk.”

Meffert highlighted that atomic settlement or DvP can be expensive but has clear advantages.

“It’s completely different if you have to settle retail trades of €1,000 versus if you have to settle an issuing process of €10 billion. Then the thinking around counterparty risk is completely different,” said Meffert.

While that may sound dismissive, on the contrary, Meffert was not. He emphasized that he would not exclude anything. The goal is to get more partners onto networks, accumulate experience and find efficiencies.

“Fnality would obviously be a great starting point for some of the protocols to start off the settlement processes as well as the trigger solution might be one,” he added.

The path to institutional DLT adoption

The custody solution is not DZ Bank’s first blockchain initiative. In 2019 it launched thefinledgerplatform for promissory notes with DekaBank, dwpbank and Helaba. It was not a proof of concept. It is in production but only has around two or three issuances a year. Meffert believes it was an important first step, and if it were launched today, it would get more engagement simply because more banks are developing DLT infrastructures.

“DLT has a problem that any market participant you want to deal with has to be on the same ledger. To be on the same ledger you have to integrate the ledger to your legacy,” said Meffert.

He pointed to a chicken and egg situation where legacy integration involves cost, which is only justifiable if there are sufficient volumes. But without integration, there is no incentive to generate volumes because manual steps are involved.

To date, few companies have done the legacy integration. He mentionedSocGen FORGE, which provided the platform for the EIB bond issuance, and a handful of others. However, things are changing rapidly as all the large banks, both in Germany and internationally, are now building out DLT teams. This is a game changer.

Because once there’s a core DLT infrastructure integrated with the legacy system, the effort to integrate with new DLT networks is far lower, reducing the barriers to entry.

“It’s the right decision to ramp up our own custody solution to be able to participate in the building of networks,” said Meffert.

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Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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