Leading financial institutions and banks across the world fast recognize the potential of cryptocurrency. Deutsche Bank is the latest to join the tribe of banks that offer enhanced services to high-value investors through cryptocurrency custody.
The WEF Report suggests Deutsche Bank is planning to build crypto custody and trading platform.
Deutsche Bank To Roll Out Crypto Custody Solution
As per a report submitted by the World Economic Forum, The Deutsche Bank Digital Asset Custody prototype is building a platform for its institutional clients through which they can access cryptocurrency. The report stated that the bank would build a fully integrated custody platform for institutional clients and their digital assets providing seamless connectivity to the broader cryptocurrency ecosystem,”. Bank intends to create Recently one of the largest custodian banks in the world BNY Mellon announced that it would roll out crypto custody. Several banks have already received the regularity clarity from the Office of the Comptroller of the Currency after the department issued interpretation letters.
One of the largest banks in the world, Germany based Deutsche Bank is also targetting the cryptocurrency space by facilitating an institutional-grade storage solution to its clients in a secure manner. The solution would enable the bank’s clients to access digital assets through the digital asset custody platform. The bank plans to launch the platform in phases, beginning with “institutional investors, such as asset managers, wealth managers/family offices, corporates and digital funds.”.
Ultimately it would allow the clients to trade(Buy and sell) digital assets in collaboration with the issuers, exchanges and brokers.
As the price of Bitcoin reaches to a newer all-time high, a lot of high-value investors have been betting on cryptocurrencies. MicroStrategy, Tesla, Square, Grayscale, Galaxy and others have incorporated BTC in their balance sheets. The leading financial institutions are looking to tap the potential crypto markets as the future looks bright for both institutional and retail investment in digital assets.
The report suggests that Deutsche bank has finalized the proof of concept and would launch the minimum viable version of the product this year. Deutsche Bank has more than $1.5 Million in assets.
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