Deutsche Bank Seeks Crypto Custody License, Expanding into Digital Asset Services

The mainstream adoption of cryptocurrencies and blockchain technology has attracted the interest of various non-crypto financial institutions and banks, resulting in significant growth in the crypto market.

Once considered a niche and speculative investment, digital assets are now being embraced by traditional financial players who recognize the potential benefits and opportunities they offer.

The latest addition to this trend is Deutsche Bank, Germany’s largest lender, as reported by Bloomberg on June 20. The bank has submitted an application to obtain a license for providing digital asset custody services.

If approved, Deutsche Bank, with its substantial balance sheet of over €1.3 trillion ($1.42 trillion), will be able to offer custody services for cryptocurrencies and other digital assets.

Crypto custody services involve securely storing and managing digital assets, including cryptocurrencies, on behalf of institutional and individual investors. This entails storing private keys, which are essential for accessing and transferring digital assets, in highly secure offline or online storage solutions.

According to Lynne, this move by Deutsche Bank is part of its broader strategy to enhance fee income within its corporate banking unit.

Deutsche Bank’s corporate bank had initially hinted at its plans to become a crypto custody provider in late 2020. However, the bank has not provided any specific details about the potential timeline since then.

In April 2023, Deutsche Bank’s asset management arm, DWS, announced a partnership with US-based Galaxy Digital to launch exchange-traded products (ETPs) for digital assets. This partnership further demonstrates the bank’s increasing involvement in the crypto space.

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BNB379.72 0.14 % 0.13 % 5.53 %
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