Deutsche Bank to Launch Bitcoin Custody Service in Weeks

Deutsche Bank Enters Bitcoin Custody

Deutsche Bank is moving forward with a Bitcoin custody service, slated to launch within weeks, according to a report by Reuters. The €732 billion bank intends to extend the platform to Asia in 2025.

The move positions Deutsche Bank alongside other major financial institutions like BNY Mellon, State Street, and Citigroup, all of which have committed to direct crypto custody over the past 18 months. Deutsche Bank initially announced plans for the service in September, contingent on regulatory approvals.

Custody to Tokenization

The initial phase will focus on custody for Bitcoin, with plans to expand to support other major cryptocurrencies. The bank also intends to facilitate client transactions involving stablecoins. According to Gerald Podobnik, co-head of the corporate bank, offering tokenized and blockchain solutions is becoming essential for the financial system.

This development reflects a broader trend of traditional banks adopting blockchain technology. Many are exploring tokenization and stablecoins to improve service efficiency. Crypto custody is often the initial step for banks entering the digital asset sector, as demonstrated by BNY Mellon's 2022 launch of digital asset custody services.

Source: Bitcoin Magazine