Deutsche Bank rolls out digital asset custody services for institutional clients
Deutsche Bank has introduced digital asset custody capabilities designed for corporate and institutional customers, offering initial compatibility with Bitcoin, Ethereum, USDC, EURC and EURAU tokens.
Deutsche Bank, recognized as Germany's foremost banking institution, unveiled its digital asset custody platform targeting institutional and corporate customers this Wednesday, based on an announcement provided exclusively to Cointelegraph.
Additionally, the financial institution executed a memorandum of understanding alongside Deutsche Asset Management, the bank's majority-controlled investment management division, for the purpose of investigating potential partnerships involving tokenized money market fund products, cryptocurrency-backed exchange-traded commodities and stablecoin initiatives.
Deutsche Bank revealed its intentions to provide the custody solution to corporate and institutional customers throughout Europe on Sept. 16, subject to obtaining necessary regulatory permissions. The bank's registration for digital asset custody and transfer capabilities within the European Union's Markets in Crypto-Assets Regulation (MiCA) official registry carries an Oct. 12 date and identifies Germany's BaFin as the supervising regulatory authority.
The platform launches with compatibility for Bitcoin (BTC), Ether (ETH) and specific stablecoin options, encompassing Circle's USDC (USDC) and EURC (EURC), in addition to AllUnity EURAU.
Gerald Podobnik, co-head of Deutsche Bank's corporate bank, told Reuters in October that the bank planned to launch in Germany before expanding to Asian financial centers in 2027.
Deutsche Bank established a partnership agreement with digital asset infrastructure provider Taurus in 2023 for the purpose of building custody service capabilities following the submission of an application for a digital asset custody license in Germany.