Germany's largest banking institution, Deutsche Bank is reportedly looking to develop a digital asset custody service.. As reported by BaFin, the bank has filed a request to this effect. an article from Bloomberg.
The bank's move is part of a broader strategy to boost fee income and accompanies a similar move by its investment arm, DWS Group, which has previously said it is in talks with two cryptocurrency firms, Deutsche Digital Assets. , a provider of exchange-traded cryptocurrency products, and market maker Tradias.
Deutsche Bank positions itself in the vibrant niche of digital asset custody
Deutsche Bank has been planning this custody service for much longer. In fact, the idea was already on the drawing board in 2020. Moreover, at that time the bank was said to have developed a prototype platform to offer its wealthy clients state-of-the-art digital asset services including the essential component of institutional quality custody infrastructure. A must, yes, if we are to believe the number of skilled traders who are launching into this niche. Bakkt (Warehouse), Galaxy Digital, Fidelity, Coinbase, Anchorage, Ledger, Nasdaq… all already offer highly secure storage solutions for digital assets, meet the need for deep pocket security.
For its part, the German regulator has already awarded custody licenses, including one to the German stock exchange Boerse Stuttgart and the other a exchanges Coinbase and Bitpanda. It must be said that the regulatory environment on the other side of the Rhine, without compromising European standards for the fight against money laundering and terrorist financing, is quite proactive in digital terms, with a cryptographic benevolence that contrasts sharply with its neighbors. An open policy which earned her the the first place among cryptocurrency-friendly countries globally in 2022 which has seen it oppose the EU's abusive provisions on cryptocurrency transfer control.
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