Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The largest bank in Germany by total assets – Deutsche Bank – has reportedly sought regulatory approval to commence operations as a crypto custodian.
DZ Bank – another prominent financial institution in the nation – has already made strides in this area, collaborating with Metaco and Harmonize to provide digital asset custody services to institutional clients.
- Recent coverage by Bloomberg indicated that Deutsche Bank (the largest German bank with millions of customers and total assets surpassing $1.4 trillion) has submitted an application to the Federal Financial Supervisory Authority (BaFin) to establish its “digital assets and custody business.”
Related Posts
“We just submitted our application to BaFin for the digital asset license,” stated David Lynne – Member of the Group Management Committee at Deutsche Bank.
- He elaborated that this initiative is part of the bank’s strategy to enhance fee income and aligns with the objectives of Deutsche Bank’s asset management division – DWS Group.
- The latter has reportedly expressed its plans to invest in two cryptocurrency companies: Deutsche Digital Assets (DDA) and Tradias. It has also considered a potential partnership with Galaxy Digital – a financial services firm focused on cryptocurrency, led by Bitcoin advocate Mike Novogratz.
- Deutsche Bank’s competitor in Germany – DZ Bank (the central institution of the Volksbanken Raiffeisenbanken Cooperative Financial Network) – has also articulated similar goals. The BaFin-regulated entity partnered with the Swiss company Metaco and the orchestration platform Harmonize in February of this year to offer crypto custody services to institutional clients.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
