- Deutsche Bank applies for a digital asset license, marking its foray into cryptocurrency custody services.
- The application is a key part of Deutsche Bank’s strategy to increase fee income through digital asset products.
- Deutsche Bank’s move aligns with its broader efforts to grow and innovate in the rapidly evolving digital asset space.
Deutsche Bank, Germany’s largest banking institution, has taken a significant step towards embracing the digital asset world. The bank has formally applied to BaFin, Germany’s financial regulator, for a license to provide custody services for digital assets, including cryptocurrencies, Bloomberg reports.
David Lynne, who heads Deutsche Bank’s commercial banking unit, announced the news during a recent conference, indicating a significant strategic push towards cryptocurrency services. The move comes in the wake of Deutsche Bank’s continued efforts to enhance its presence in the digital asset space, a domain that the bank has been exploring since 2020.
We’re building out our digital assets and custody business, Lynne stated, revealing the bank’s readiness to venture into the bustling crypto market. By offering custody services, Deutsche Bank aims to provide secure storage and management of digital assets on behalf of its clients, a critical service for institutional and individual investors alike.
The move aligns with Deutsche Bank’s broader strategy to increase fee income at its corporate bank and is in line with DWS Group’s – Deutsche Bank’s investment arm – efforts to generate income through digital asset products.
The bank’s application to BaFin signifies its ambition to legally advertise and offer its crypto-related services in the German market, thereby ensuring its compliance with local regulations.
In February, the bank revealed its interest in investing in Deutsche Digital Assets and Tradias, two German cryptocurrency firms, indicating its commitment to supporting local innovation in the digital asset space.
In the same month, Deutsche Bank participated in a funding round for Taurus Technology, a digital asset infrastructure provider, further underscoring its focus on digital innovation.
Read CRYPTONEWSLAND on
google news
As part of its ongoing efforts to expand its digital asset services, Deutsche Bank announced a partnership with Galaxy Digital in April. This alliance aims to launch a suite of exchange-traded products on certain digital assets in Europe and explore other digital asset solutions.
The partnership will provide European investors with cost-effective and easy access to the growing digital assets market through traditional brokerage accounts, marking a significant milestone in Deutsche Bank’s digital evolution.
The future of Deutsche Bank in the world of cryptocurrency appears bright and filled with immense potential. With its application for a digital asset license, the bank has demonstrated its commitment to leading the way in digital asset services, thereby positioning itself at the forefront of the rapidly evolving cryptocurrency market.
Deutsche Bank’s strategic shift towards digital assets aligns with the global trend of financial institutions recognizing the significant role that digital assets are set to play in the future of banking and finance. As the bank continues to build out its digital assets and custody business, its clients can look forward to a suite of innovative, secure, and reliable digital asset services.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
