Deutsche Bank is weeks away from launching its first digital asset service, a crypto custody platform. It will start in Germany and expand to Asian financial centers next year, and it targets institutional clients rather than retail.
Germany's biggest lender is weeks away from launching its first digital asset service as it pushes into crypto custody. Deutsche Bank plans to roll out the platform in Germany first, then expand it into Asian financial centers next year, Gerald Podobnik, co-head of the bank's corporate bank, told Reuters.
Custody platform starts with Bitcoin and Ether
The phased rollout will initially support custody of major cryptocurrencies such as Bitcoin and Ether. Later phases will add services that help clients move money into and out of mainstream stablecoins.
The bank says it will manage the wallets and private keys on clients' behalf. At launch, it will support stablecoins or e-money tokens including USDC, EURC and EURAU, according to the bank.
The initial target group includes corporates, asset managers, hedge funds, custodians, brokers and sovereign institutions. The service is not intended for retail clients.
Part of a corporate banking growth plan
Podobnik made the comments on the sidelines of the IMF and World Bank meetings in Bangkok. He says the move forms part of the bank's strategy to achieve compound annual growth of 8% in corporate banking by 2028.
Podobnik points to the growth of the digital economy, including hundreds of billions of dollars held in stablecoins, as evidence that new pools of value have emerged. He says the financial system will need to offer tokenised or blockchain solutions to clients as additional services alongside traditional ones, but not necessarily to replace them.
Deutsche Bank also plans to offer tokenized deposits and help clients issue blockchain-based securities such as digital bonds, according to Podobnik.
Source: The Daily Hodl
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