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<p>Deutsche Bank <a href="https://www.reuters.com/business/finance/deutsche-bank-hold-crypto-institutional-clients-2023-09-14/" rel="noopener noreferrer nofollow">has announced</a> a partnership with Swiss cryptocurrency firm Taurus to offer custody services for institutional clients.&nbsp;</p> 
<p>The move marks the bank's entry into holding cryptocurrencies and tokenized assets for its clients.</p> 
<p>According to a spokesperson for Deutsche Bank, the financial institution has no "immediate plans" for crypto trading, despite suggesting an interest in the activity in a 2020 World Economic Forum paper.&nbsp;</p> 
<p>The announcement comes at a time when mainstream finance is increasingly exploring blockchain technology, even as the crypto market navigates regulatory uncertainties and remains volatile.</p> 
<h2 id="deutsche-bank-s-u-turn">Deutsche Bank's U-turn</h2> 
<p>This new direction is particularly striking given <a href="https://www.merkur.de/leben/geld/deutsche-bank-warnt-jetzt-bitcoin-beunruhigendem-grund-zr-9388807.html" rel="noopener noreferrer nofollow">past warnings</a> from Ulrich Stephan, Deutsche Bank's chief investment strategist, who urged investors not to touch Bitcoin and criticized cryptocurrencies as "too volatile and not regulated enough" back in 2018.</p> 
<p>Despite past reservations, Paul Maley, Deutsche Bank's global head of securities services, now states that the trillion-dollar digital space has emerged as "one of the priorities" for investors and corporations alike.</p> 
<h2 id="earlier-involvement">Earlier involvement</h2> 
<p>The latest move may seem groundbreaking, but <a href="https://u.today/deutsche-bank-predicts-bitcoin-may-reclaim-28000-this-year" rel="noopener noreferrer nofollow">Deutsche Bank</a> has been taking incremental steps toward embracing cryptocurrencies and digital assets. In February 2021, the bank revealed plans to become a crypto custodian and later applied for a digital asset license in <a href="https://u.today/binance-is-actively-applying-for-licenses-in-germany" rel="noopener noreferrer nofollow">Germany</a>. Deutsche Bank has also been involved in discussions to invest in German cryptocurrency firms through its asset management arm, DWS Group.</p> 
<p>Past reports from the bank have covered a variety of crypto topics, from the potential for <a href="https://u.today/how-ntfs-are-reinventing-the-digital-economy-1" rel="noopener noreferrer nofollow">NFTs</a> going mainstream to survey data showing that most investors would continue to hold cryptocurrencies even if the market crashed.</p>

Deutsche Bank Makes Major U-Turn on Crypto

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