On November 11, Deutsche Bank, Germany’s largest bank, announced the launch of crypto asset custody services for European corporate and institutional clients. According to the official announcement, clients can store and transfer Bitcoin, Ethereum, and select stablecoins through the bank, with the bank centrally managing the wallets and private keys.
Regulatory Registration and Service Support Currencies
On October 12, Deutsche Bank completed its registration as a custodian service provider in the EU’s Markets in Crypto-Assets (MiCA) registry, under the supervision of the German Financial Supervisory Authority (BaFin). The bank had announced its plans as early as September 16, stating at the time that the service was pending regulatory approval.
The custodial service will initially support Bitcoin (BTC), Ethereum (ETH), and select stablecoins, including USDC and EURC issued by Circle, as well as EURAU from AllUnity.
Strategic Partnership with the Asset Management Department
Deutsche Bank also signed a memorandum of understanding with Deutsche Asset Management, an asset management company in which it holds a majority stake, to jointly explore opportunities for collaboration in tokenized money market funds, crypto-asset exchange-traded products, and stablecoins.
Global Expansion and Technology Partners
Gerald Podobnik, co-head of corporate banking at Deutsche Bank, previously told news outlets that the bank plans to launch the service in Germany first, followed by an expansion to Asian financial centers in 2027. Deutsche Bank has been collaborating with crypto infrastructure provider Taurus to develop this service since 2023, when the bank applied for a German digital asset custody license.
Cover image: Bernard Lee / Wikimedia Commons (CC0)