Deutsche Bank Pursues Digital Asset Custody Services
Deutsche Bank, one of Germany’s largest financial institutions managing $1.3 trillion in assets, is making significant move in the realm of digital assets. The bank has recently applied for a regulatory license to provide custody services for a range of digital assets, including cryptocurrencies.
On this page
The decision to venture into the custody space was revealed by David Lynne, the head of Deutsche Bank’s commercial banking unit, during a conference. Lynne emphasized the bank’s commitment to expanding its digital assets and custody business, underscoring the growing importance of this emerging sector. The application for the digital asset license has been submitted to BaFin, the German financial regulatory authority.
This strategic move aligns with Deutsche Bank’s broader strategy of seeking new avenues to enhance fee income. It mirrors similar efforts within the bank’s investment arm, DWS Group, demonstrating a synchronized approach towards digital asset-focused initiatives. The bank has been exploring digital asset custody since late 2020, indicating a shift in its stance from earlier research reports that deemed bitcoin as “too volatile” to be a reliable store of value.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
