Deutsche Bank Will Now Guard Your Bitcoin And Ether, If You’re A Big Client
Deutsche Bank says its crypto custody service is now live for paying clients, so the German lender will hold and store Bitcoin and Ether for big institutions and companies in Europe.
Key Takeaways
- Deutsche Bank said on Wednesday its digital asset custody service is live for paying clients
- The service keeps digital assets such as Bitcoin and Ether in safe storage for institutional and corporate clients in Europe
- The bank signed a deal with Deutsche Asset Management to explore working together on digital assets
- Deutsche Bank has said it wants to take the service to Asia
The bank first announced the plan in September, saying it would launch once regulators signed off. On Wednesday it said the service had gone live. It did not name any clients or say what it charges.
What Custody Means Here
Custody means the bank holds the private keys that control a client’s crypto, so the client does not have to secure them itself. The service is aimed at institutions and companies, not everyday savers.
Also Read: Ripple Lands US Trust Bank To Safeguard Big Clients’ Digital Assets
Bigger Plans For Digital Assets
Deutsche Bank wants custody to be the first step. In the medium term it aims to build a “fully integrated, regulated ecosystem” that supports “custody, tokenisation, and settlement of digital assets,” said Paul Maley, the bank’s global head of trust and securities services.
The bank also signed a memorandum of understanding with Deutsche Asset Management, the fund manager it mostly owns and which was until recently called DWS, to explore commercial and technical work together on digital assets.
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