Deutsche Bank has rolled out its digital asset custody service for paying clients across Europe following regulatory approval considerations outlined earlier in September. The platform is designed to provide secure safekeeping for major cryptocurrencies including bitcoin and ether to institutional investors. To broaden its technical and commercial capabilities, the bank also signed a memorandum of understanding with Deutsche Asset Management, formerly known as DWS. While currently limited to the European market, future phases of the rollout are expected to expand into Asia.
Key points
European lenders are actively building out regulated infrastructure to serve the institut…: European lenders are actively building out regulated infrastructure to serve the institutional digital asset market.
Deutsche Bank aims to establish an integrated ecosystem covering digital custody, tokenis…: Deutsche Bank aims to establish an integrated ecosystem covering digital custody, tokenisation, and settlement over the medium term.
Technical and commercial collaboration with affiliated asset managers is supporting the b…: Technical and commercial collaboration with affiliated asset managers is supporting the bank's expanded digital offerings.
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FRANKFURT, Nov 11 : Deutsche Bank said on Wednesday that its digital asset custody service had gone live for paying clients, as European banks show increasing openness to digital markets.
• Germany's largest lender initially announced in September that it planned a custody service for institutional and corporate clients in Europe, pending regulatory approvals.
• It said at the time that the business would support the safekeeping and storage of digital assets, including bitcoin and ether.
• "In the medium term we aim to deliver a fully integrated, regulated ecosystem that supports the custody, tokenisation, and settlement of digital assets," said Paul Maley, global head of trust and securities services at Deutsche Bank.
• Deutsche Bank has previously told Reuters it wanted to expand the offering to Asia.
• Deutsche Bank also said on Wednesday that it had entered into a memorandum of understanding with Deutsche Asset Management, the money manager it mostly owns and that until recently was known as DWS.
• The agreement is "to explore comprehensive commercial and technical collaboration opportunities in the digital asset space".
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