Deutsche Bank launches digital asset custody service for paying clients

Deutsche Bank has launched its digital asset custody service for paying clients, Reuters reported on Wednesday, marking another step towards greater adoption of digital markets among European banks.

Germany's largest lender had initially announced plans for the custody service in September, targeting institutional and corporate clients across Europe, subject to regulatory approvals. The offering is designed to provide safekeeping and storage of digital assets, including bitcoin and ether, as per the report.

The launch comes as traditional financial institutions increasingly explore opportunities in digital assets, including cryptocurrency custody, tokenisation and settlement services.


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Deutsche Bank aims to develop a broader regulated ecosystem for digital assets over the medium term, Paul Maley, global head of trust and securities services at the bank, said, according to Reuters.

The lender had previously told Reuters that it was also looking to expand the digital asset custody offering to Asia, indicating ambitions to build a broader international presence in the sector.

Separately, Deutsche Bank said on Wednesday it had entered into a memorandum of understanding with Deutsche Asset Management, the asset manager it mostly owns and which was until recently known as DWS.

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The agreement will explore opportunities for comprehensive commercial and technical collaboration in the digital asset space, according to Reuters.

The developments highlight growing interest among established European financial institutions in building regulated digital asset infrastructure as demand for institutional cryptocurrency services expands.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)