• Deutsche Bank, Germany’s largest banking institution, has applied for a license to offer digital asset custody services in the country.
• This move is part of a strategic effort to increase revenue by offering a more diversified portfolio of services for customers.
• The global banking landscape is showing an increased interest in providing crypto custody services, reflective of the industry’s progressive embrace of digital assets.
Deutsche Bank Applies For Crypto Custody Service License
Germany’s largest banking institution, Deutsche Bank, has initiated proceedings to secure a license that will allow it to offer digital asset custody services in the country. David Lynne, head of the bank’s commercial banking unit, announced this plan during a recent conference and stated that the bank has already submitted its application to Bafin, the German securities watchdog. This move is indicative of Deutsche Bank’s intent to immerse itself deeper into the growing world of cryptocurrency.
Strategy To Increase Fee Income
The application for a crypto license is part of a more comprehensive strategy designed to augment the fee income generated by Deutsche Bank’s corporate banking division. The intention is to integrate digital assets into their suite of offerings as part of their efforts to provide customers with a more diversified portfolio. This plan echoes similar efforts from DWS Group – Deutsche Bank’s investment subsidiary which has been actively working towards increasing revenue through digital asset-related offerings.
Initial Proposal To Introduce Digital Asset Services
Deutsche Bank first suggested introducing cryptocurrency custody services back in late 2020 but there was no clarity on when such services would be available until now. With its current move towards securing a digital asset license, however, it appears that such plans are close to fruition and may soon be made available for customers all over Germany.
Increased Interest In Providing Crypto Custody Services
The global banking landscape is showing an increased interest in providing crypto custody services which reflects an overall trend within the industry towards embracing digital assets more readily and openly than ever before. Ripple – one major player within this space – recently purchased Metaco – a Swiss firm specialising in developing solutions related to cryptocurrencies – further demonstrating this shift towards greater acceptance and integration of blockchain technology within traditional financial systems.
Deutsche Bank’s application for crypto custody service licenses shows how far traditional financial institutions have come when it comes to accepting cryptocurrencies and blockchain technology as legitimate investments and technologies worth exploring further. As more banks continue down this path we can expect more widespread adoption and usage among consumers all over the world as well as various potential new applications for blockchain technology within other industries beyond finance as well