German financial conglomerate Deutsche Bank sent an application to BaFin to obtain a license for a digital asset custody service provider. This is reported Bloomberg.
David Lynn, head of the company’s commercial division, said the move is part of a broader strategy to increase fee and commission income from corporate clients.
“We are developing our digital assets and custody business,” he said.
The initiative also reflects DWS Group’s investment arm’s interest in cryptocurrencies and the potential benefits associated with them, Lynn said.
In 2020, Deutsche Bank announced plans to launch a digital asset custody service aimed at large investors. According to company representatives, the main goal is to “ensure security and accessibility for customers by offering an institutional-grade solution.”
In 2021, the bank’s analysts concluded that Bitcoin has the potential to become the “digital gold of the 21st century,” despite the volatility.
Recall that in early June 2023, the American investment bank Cowen announced the closure of the crypto division a year after the launch. The company cited the poor state of the economy and the uncertain regulatory environment for digital assets in the US.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
German financial conglomerate Deutsche Bank sent an application to BaFin to obtain a license for a digital asset custody service provider. This is reported Bloomberg.
David Lynn, head of the company’s commercial division, said the move is part of a broader strategy to increase fee and commission income from corporate clients.
“We are developing our digital assets and custody business,” he said.
The initiative also reflects DWS Group’s investment arm’s interest in cryptocurrencies and the potential benefits associated with them, Lynn said.
In 2020, Deutsche Bank announced plans to launch a digital asset custody service aimed at large investors. According to company representatives, the main goal is to “ensure security and accessibility for customers by offering an institutional-grade solution.”
In 2021, the bank’s analysts concluded that Bitcoin has the potential to become the “digital gold of the 21st century,” despite the volatility.
Recall that in early June 2023, the American investment bank Cowen announced the closure of the crypto division a year after the launch. The company cited the poor state of the economy and the uncertain regulatory environment for digital assets in the US.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!