Deutsche Bank AG, Germany's biggest bank, is seeking to expand its services related to digital assets such as cryptocurrencies.
Deutsche Bank Applies for a Crypto Custodian License in Germany
Deutsche Bank AG, Germany's biggest bank, is seeking to expand its services related to digital assets such as cryptocurrencies. The bank has applied for a license from the German financial regulator BaFin to offer custody solutions for digital assets, according to Bloomberg.
The bank's commercial banking unit head, David Lynne, said at a conference on June 20 that the bank is building out its digital assets and custody business. This follows a similar interest from the bank's investment arm, DWS Group, which has been exploring partnerships with crypto firms in Germany.
Deutsche Bank has been cautious about the crypto industry in the past, but has changed its tone in 2023. The bank has also tested a tokenized investment platform called DAMA (Digital Assets Management Access) in Singapore, in collaboration with Memento Blockchain. The platform allows users to access digital asset funds with a fiat-to-digital on-ramp.
The bank's move reflects the growing adoption of digital assets in Germany, where several banks have started to offer crypto-related services to their clients. Deutsche WertpapierService Bank (Dwpbank), a securities processor, has launched a Bitcoin-focused platform called wpNex, which integrates crypto accounts with bank accounts.
