Deutsche Bank to Launch Institutional Crypto Custody This Year With Bitcoin, Ether Support

• Deutsche Bank said it will launch a cryptocurrency custody service later this year for institutional and corporate clients.
• It said institutional clients will be able to custody and transfer <a href="https://xpertsstudio.com/<a href="https://xpertsstudio.com/bitcoin-ethereum-etfs-lose-592-million-ahead-of-fed-decision/” title=”Bitcoin, Ethereum ETFs Lose $592 Million Ahead of Fed Decision”>bitcoin-loses-etf-bid-slides-to-76000-ahead-of-fed-decision/” title=”Bitcoin Loses ETF Bid, Slides to $76,000 Ahead of Fed Decision”>Bitcoin (BTC), Ether (ETH) and some stablecoins (USDC, EURC, EURUA) through Deutsche Bank.
• Deutsche Bank said it will gradually expand custody-supported assets and custody for tokenized financial products, while adding more services to drive monetization.

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Germany’s largest bank, Deutsche Bank, will launch a cryptocurrency custody service later this year for institutional and corporate clients.

Bloomberg reported on September 16 that Deutsche Bank plans to start the service for institutional clients once regulatory procedures are completed. The initial rollout will begin in Germany.

Institutional clients will be able to custody Bitcoin (BTC), Ether (ETH) and some stablecoins through Deutsche Bank, or transfer them to third parties. Supported stablecoins include Circle’s dollar-based USDC, as well as euro-based EURC and EURUA.

Deutsche Bank will manage wallets and private keys on behalf of clients, removing the need for customers to build separate custody infrastructure. The service will include hardware-based key protection, multi-approval procedures, cold and hot wallets, and backup systems.

The initial client base is set to include asset managers, hedge funds, custodians and sovereign wealth funds. Deutsche Bank also sees conventional companies and digital-asset firms seeking to use cryptocurrencies for investment and payments as potential clients.

The range of assets supported for custody will be expanded in stages based on client demand and risk-management procedures. Custody for tokenized financial products is also part of the bank’s future business roadmap.

Deutsche Bank expects it could take years for the custody business to generate revenue. The bank plans to broaden its revenue base over time by adding further services.

Gerald Podobnik, co-head of Deutsche Bank’s corporate bank, said digital assets are an important tool that complements the existing financial system rather than replacing it. He added that they can coexist with existing market infrastructure, backed by the trust, security and safeguards provided by regulated financial institutions.

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Source: en.bloomingbit.io