Deutsche Bank Applies for License to Provide Cryptocurrency Custody Services

Deutsche Bank Applies for License to Provide Cryptocurrency Custody Services

Altcoin news, News

Deutsche Bank AG has recently submitted an application to Germany’s financial regulator, BaFin, for a license to offer digital assets services. The bank’s move indicates its intention to enter the cryptocurrency market and provide custody services for digital assets.

During a conference on Tuesday, David Lynne, the head of Deutsche Bank’s commercial banking unit, confirmed the submission of the license application, as reported by Bloomberg.

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Lynne emphasized the bank’s commitment to expanding its digital assets and custody business, highlighting the application to BaFin for the license.

Deutsche Bank’s strategic decision to pursue a license for digital assets aligns with its broader goal of increasing fee income. This initiative is in line with similar efforts focused on digital assets within its investment arm, DWS Group, according to Lynne.

Interestingly, Deutsche Bank’s interest in digital asset custody emerged in late 2020, which is different from its earlier research reports that year. In those reports, the bank classified Bitcoin as “too volatile” to be considered a “reliable” store of value.

The bank’s evolving stance reflects a growing recognition of the potential value and opportunities associated with digital assets.

By obtaining the digital assets license, Deutsche Bank aims to establish itself as a trusted custodian for cryptocurrencies and other digital assets.

Compiled by Coinbold

BTC, Deutsche Bank