The banking giant, Deutsche is launching crypto custody service for institutional clients. It will offer to hold cryptocurrencies and tokenized assets on behalf of partners.
According to a report by Reuters, the German investment bank has partnered with crypto firm Taurus to enable the needed infrastructure in providing crypto custody to institutions.
Deutsche Bank applied for a crypto custody license in June, 2023 to Germany’s financial regulator BaFin. It is now granted with a legal authority to experiment with cryptocurrencies as the firm moves towards servicing the new domain.
Following its partnership with Taurus, a Swiss digital asset manager, Deutsche will be able to hold a limited amount of crypto assets under the custody service, says a spokesperson from the bank.
The institutional dominance into crypto space is increasing rapidly with numerous traditional finance players being attracted towards its novel and innovative financial ecosystem.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike,” said Paul Maley, the global head of securities services at Deutsche Bank, adding ‘”Our focus is not just on cryptocurrencies, but supporting our clients in the overall digital assets ecosystem.”
Maley also emphasized that the bank is moving cautiously while following the regulatory framework of this new asset class.
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