Germany’s DZ Bank Launches Crypto Custody Service with Swiss Firm Metaco

• Germany’s second-largest bank, DZ Bank, is preparing to offer crypto custody services through a partnership with Swiss firm Metaco.
• The offering will be facilitated by Metaco’s Harmonize platform, which enables financial and non-financial institutions to conduct crypto operations.
• The digital asset technology infrastructure has been purposely designed to support financial institutions in the digital asset economy and was selected through an extensive proof-of-concept and diligence process.

DZ Bank to Offer Crypto Custody Services

Germany’s DZ Bank, part of Volksbanken Raiffeisenbanken which is one of the largest banking groups in the country, is preparing to become a provider of custody services for crypto assets. The offering will be facilitated by a partnership with Metaco, a Swiss company that specializes in helping financial institutions operate in the digital asset space.

Metaco’s Harmonize Platform

DZ Bank intends to use Metaco’s core product, an orchestration platform for digital assets called Harmonize, to integrate its new offering into its current asset management services. Regulated by the Federal Financial Supervisory Authority (Bafin), DZ Bank is an established custodian and Germany’s second-largest bank by asset size. At the end of 2022, it had €297 billion (almost $315 billion) worth of assets under custody.
Metaco, founded in Switzerland in 2015, specializes in enabling financial and non-financial institutions to conduct crypto operations. Its infrastructure allows such players to store and trade cryptocurrencies, tokenize other assets, provide staking services as well as manage smart contracts.

Adoption of Electronic Securities Act

Nils Christopeit from DZ BANK commented: “In terms of our security, scalability, and future requirements of our digital asset custody initiative for institutional clients starting with crypto securities as per the German eWpG [Electronic Securities Act], Metaco Harmonize has proven to be a powerful solution”The Electronic Securities Act (eWpG), adopted in 2021 was created update Germany’s securities legislation and supervisory framework and entered into force on June 10th that same year – being a key element of the blockchain strategy approved by legislators earlier this year .

Security & Compliance Focus

Craig Perrin from Metaco noted that their technology infrastructure was purposely designed “to support financial institutions capitalize on the digital asset economy.“ This sentiment was echoed by Nils Christopeit who spoke about their security focus when choosing their partner “In terms of our security…Metaco Harmonize has proven to be a powerful solution.“ As noted before they are regulated by Bafin which puts emphasis on regulatory compliance and security before launching such offerings..

Conclusion

With this move DZ Bank looks set become one of many banks offering institutional clients access custody solutions for cryptocurrencies or tokenized securities within Europe – further indicating mainstream adoption could soon become reality across multiple countries within Europe..

Cryptoqueen’s Ex-BF Jailed for Laundering $300m from Onecoin Ponzi Scheme

• Gilbert Armenta, Ruja Ignatova’s ex-boyfriend, has been sentenced to five years in prison for money laundering linked to Onecoin.
• Founded in 2014, Onecoin was a global multi-level-marketing network that defrauded investors of over $4 billion.
• Ruja Ignatova co-founded the Ponzi scheme and is still at large, wanted by Interpol and the U.S. Federal Bureau of Investigation (FBI).

Former Boyfriend Sentenced for Money Laundering

Gilbert Armenta, the ex-boyfriend of crypto pyramid Onecoin’s founder Ruja Ignatova, has been sentenced in the United States, Bloomberg Law reported. According to court documents, he helped launder $300 million of proceeds from one of the largest Ponzi schemes in crypto history. In 2018, Armenta, now 59, pleaded guilty to conspiring to commit wire fraud, money laundering and extortion all in connection with Onecoin and received a five year prison sentence.

OneCoin Fraud Scheme

Founded in 2014, Onecoin operated as a global multi-level-marketing network based on a cryptocurrency that never existed despite being advertised as the ‚Bitcoin killer.‘ It was estimated that more than 3 million people had invested over $4 billion into this fraudulent scheme since 2016.

Ruja Ignatova Wanted By Interpol

Bulgarian-born German national Ruja Ignatova disappeared in October 2017 when she boarded a Ryanair flight from Sofia bound for Athens and is still at large today wanted by Interpol, Europol and the U.S. Federal Bureau of Investigation (FBI). Her brother Konstantin who was detained in Los Angeles in 2019 pleaded guilty to charges related to Onecoin and sought witness protection in the U.S., while another co-founder Karl Sebastian Greenwood also plead guilty last December 2022 for his part in the scam.

Recent Sightings Of Cryptoqueen

Information regarding Ruja Ignatova’s whereabouts have periodically surfaced over recent media reports including attempts by Greek police to locate her after intelligence suggested she was holding meetings with unidentified persons there last July along with British media uncovering an $15 million apartment bought through a company based on Guernsey island which was offered for sale this past January 2021..

Conclusion

Despite attempts by authorities worldwide to bring her down justice has yet failed as Cryptoqueen remains at large as her massive Ponzi scheme continues to unfold before our eyes across many countries around world costing billions of dollars worth damages done onto its unsuspecting victims..

El Salvador Adopts Bitcoin: IMF Warns of Potential Risks Despite Limited Use

• The International Monetary Fund (IMF) recently released a mission statement, concluding that El Salvador has adopted bitcoin as legal tender and has avoided risks so far, due to limited use.
• The IMF warns that if its legal tender status drives growth, it could pose risks to the country’s „financial integrity and stability.“
• The IMF emphasizes the need for more transparency in the government’s bitcoin purchases and the Chivo wallet, which is state-owned.

El Salvador Adopts Bitcoin as Legal Tender

El Salvador has adopted bitcoin as legal tender since September 2021. The International Monetary Fund (IMF) visited San Salvador from Jan. 30 to Feb. 8 for the 2023 Article IV consultation, where they discussed this adoption and stated that “risks should be addressed” despite avoiding potential risks with its limited use.

Risks Averted but Transparency Needed

The IMF acknowledges that the risks it raised in 2021 have mostly been avoided due to the limited bitcoin use so far. However, greater transparency regarding the government’s bitcoin transactions and the financial status of the state-owned bitcoin wallet (Chivo) is crucial for fiscal sustainability and consumer protection according to their statement.

Economy Growth Despite Slow Adoption

Despite slow adoption of Bitcoin, El Salvador’s economy grew rapidly last year by 2.8%. According to IMF estimates, mounting economic vulnerabilities still remain along with lack of access of international capital markets for treasury access due to slow pace of adoption of Bitcoin in El Salvador.

Recommendations For Future Growth

To eventually achieve successful growth with cryptocurrency investments in El Salvador, recommendations are made by IMF such as adequate monetary policy framework focusing on price stability while also addressing financial stability concerns; improving public financial management; implementing structural reforms aimed at achieving higher productivity gains; strengthening social safety nets; deepening regional integration; and addressing climate change challenges among others.

Conclusion

The International Monetary Fund (IMF) concluded that El Salvador has adopted Bitcoin as legal tender with few associated risks so far due to its limited use however emphasizing great transparency is needed when dealing with government purchases involving bitcoins or any other cryptocurrencies in order for fiscal sustainability and consumer protection purposes . Economic growth was seen despite slow adoption rate suggesting further development could occur if proper measures are taken by both public sector and private sector actors alike regarding cryptocurrency investments from El Salvador into global markets

NFT Sales Increase 1.23%, Ethereum Leads With 81% of Total Sales

• NFT sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales.
• Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales last week with $188.51 million in NFT sales.
• The highest NFT floor value on February 5, 2023, was for Cryptopunks, at 63.99 ether at 8:00 a.m. Eastern Time.

Overview

Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales with Ethereum continuing to dominate the NFT industry, accounting for more than 81% of total sales last week with $188.51 million in NFT sales .The highest NFT floor value on February 5, 2023, was for Cryptopunks, at 63.99 ether at 8:00 a.m. Eastern Time .

7-Day Growth

NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month .Over the past seven days there were $232