Deutsche Bank Secretly Plans To Offer Crypto Custody Services

Deutsche Bank secretly plans to start offering crypto custody services as the game plan was hidden from the public and was overlooked by the World Economic Forum so let’s read more about it in today’s crypto news.

Deutsche Bank joined the group of larger financial institutions exploring crypto custody with more aspirations to offer high-touch services to hedge funds that invest in this asset class. The Deutsche Bank Digital Asset Custody prototype aims for a fully integrated custody platform for the institutional clients and their digital assets which provide seamless connectivity to the broader ecosystem as per the report noted by the WEF.

On page 23 of the report, Germany’s biggest bank says it aims to create a token issuance platform by wanting to close the gap on digital assets and traditional banking services in one easy-to-use platform. Big banks also announced more plans to enter the crypto custody sphere with the bank of New York Mellon joining in earlier this week. US Banks were given some more regulatory clarify thanks to the interpretation letters of the Office of the comptroller of the currency while in Germany, companies started queuing up to get their hands on the crypto custody license from the BaFin regulator. Deutsche Bank plans secretly to do this but analysts don’t quite understand why the secrecy.

Deutsche Bank is the world’s 21 biggest bank and said it ensure the safety and accessibility of the assets by offering an institutional-grade storage solution with insurance-grade protection while no other cryptocurrencies or tokens were mentioned. The custody platform will be launched in a few stages and will provide clients with the ability to purchase and sell digital assets via a partnership with prime brokers, vetted exchanges, or issuers.

The bank said it will provide value-added services like valuation services, taxation and fund administration, staking, lending, voting, and an open-banking platform to allow onboarding of third-party providers. The service will be aimed at asset managers, family offices, digital funds, and more. In terms of a business model, the bank will start out collecting custody fees that it charged for tokenization and trading.

Deutsche Bank said it already completed the proof of concept and it is aiming for minimum product viability while exploring the global client interest for the pilot initiative.