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Deutsche Bank Seeks Approval for Digital Asset Custody Service
Deutsche Bank, Germany's largest financial institution, is preparing to launch a digital asset custody service aimed at institutional and corporate clients across Europe. The initiative, announced on September 16, is currently awaiting regulatory approval from BaFin, Germany’s federal financial supervisory authority, under the European Union's Markets in Crypto-Assets Regulation (MiCA) framework.
The custody platform will enable institutional clients to securely hold and transfer a selection of digital assets, including Bitcoin, Ether, and three stablecoins: USDC, EURC, and EURAU. Security measures for the service will include hardware key protection, multi-person approval workflows, and segregated storage options. The target clientele encompasses asset managers, hedge funds, custodians, brokers, and sovereign institutions, primarily from Deutsche Bank’s Corporate Bank and Investment Bank divisions.
Gerald Podobnik, Co-Head of the Corporate Bank, emphasized that the digital asset service is intended to complement existing financial market infrastructure rather than disrupt it. The bank's application for a BaFin crypto custody license was submitted in 2023, and the service is expected to go live later in 2026, contingent upon regulatory approval. Deutsche Bank has also established technology partnerships with Bitpanda, a digital asset platform based in Vienna, and Taurus, a Swiss digital asset infrastructure provider, to support this initiative.
Source: KLEA News