Deutsche Bank enables institutional clients to hold crypto assets
Deutsche Bank enables institutional clients to hold crypto assets
Deutsche Bank intends to offer custody services for cryptocurrency assets to institutional clients. To this end, the largest German bank has entered into a partnership with Swiss cryptocurrency company Taurus.
According to a bank spokesperson, Deutsche Bank will now be able to store its clients' cryptocurrency and tokenized assets for the first time.
In addition, the bank is also considering opening up crypto trading. According to Reuters, Deutsche Bank intends to offer cryptocurrency trading in the near future.
The cryptocurrency market seems to be recovering after a difficult period due to a series of crashes on leading cryptocurrency exchanges that caused financial losses for investors and client churn. The market situation has prompted regulators to strengthen the regulation of cryptoassets.
At the same time, global financial firms are working to expand the use of blockchain technologies underlying cryptocurrencies in trading and settlement. Many banks, such as Standard Chartered, Societe Generale, and BNY Mellon, are offering crypto-asset custody services to their clients.
Paul Maley, Head of Securities Services at Deutsche Bank, said: "Given the broad reach of the digital asset space, which is expected to be worth trillions of dollars, it will inevitably become a priority for investors and corporates alike."
It is worth noting that U.S. regulators have warned banks to be cautious due to the high liquidity risks of cryptocurrencies. At the same time, Deutsche Bank believes it is acting "prudently and in accordance with the spirit and letter of the rules governing this asset class."
Read also: Australian bank ANZ tests transactions with tokenized assets.
