Deutsche Bank nears plans to offer crypto custody services to investors

Deutsche Bank nears plans to offer crypto custody services to investors

Diving into the cryptocurrency arena, leading German lender, Deutsche Bank has recently revealed plans to provide its institutional investors with digital currency custody services as well as other crypto-specific solutions.

In a report published by the World Economic Forum in December, the German bank had disclosed its intention of offering institutional crypto services, however, its plans were overlooked by most. However, the bank’s services are now listed along with major crypto service providers like Gemini, Bitgo, Metamask and several others. 

Currently, the digital asset services of Deutsche Bank are still a prototype, and their launch is yet to be publicly announced. If sources are to be believed, the bank aims at rolling out a fully integrated custody platform for institutional clients and their digital assets, providing them with seamless connectivity to broader cryptocurrency ecosystem.

Though Deutsche Bank is initiating crypto services by only offering custody, it plans to introduce tokenization and trading too. The bank has hinted commencing partnerships with issuers, prime brokerages, and vetted exchanges for providing trading services to its institutional clients.

It will also introduce value-added services like taxation, valuation services, and fund administration, lending, voting and staking, as well as offering an open-banking platform that allows onboarding of 3rd party providers.

Reliable reports state that the platform will be integrated with a gamut of regulated banking services, some of which include KYC/AML, settlement, compliance, and more. Deutsche Bank will help users to focus on their investment decisions, simplify customer experience and design means and implementation of differentiated products.

Apart from the German bank, many other global lenders are also setting foot into the crypto niche. Highlighting a few, in December, Singapore-based DBS announced the launch of crypto custodian & exchange services for institutions. While BNY Mellon revealed plans to offer digital asset-based services to asset management clients.

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