Deutsche Bank yesterday confirmed its ambition to become a cryptocurrency custody service. The banking giant has indeed applied for a license for the custody of digital assets. This is further proof of the interest of the traditional financial sector in the crypto ecosystem.
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Deutsche Bank confirms its launch in cryptos
It has now been two years since Deutsche Bank announced that it wanted to integrate crypto services into its platform. The bank, one of the largest in the world, has historically been open to the sector. Its cryptocurrency custody platform is set to release in Germany soon, if we are to believe registration with the Federal Financial Supervisory Authority (BaFin).
Germany’s largest bank, with $1.3 trillion in assets under management, took the time to develop its platform, which tends to show a commitment over time. However, it has so far been discreet in its communication.
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A platform that will allow the purchase of cryptocurrencies?
In 2021, Deutsche Bank called this project “institutional-grade hot/cold storage solutionwith insurance-like protection“. At the time, she confirmed that she would launch her services in a phased manner. The goal was to ultimately offer the purchase and sale of cryptocurrencies to its customers, via external brokers. Lending and staking services were also considered.
Deutsche Bank has not yet confirmed whether this will be the case. Since 2021, the crypto market has seen major upheavals – and major controversies. There is therefore a certain caution on the part of the banking sector. How will the ninth largest bank in Europe then choose to open up to crypto services? This remains to be confirmed, but this license application shows that the interest on the side of “Tradfi”, and that new bridges between the banking sector and cryptocurrencies continue to be built.
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Source: Bloomberg
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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