Deutsche Bank to offer custody service for Bitcoin, Ether and stablecoins
Germany's largest bank is preparing to offer institutional custody for Bitcoin, Ether, and select stablecoins under the EU's MiCA framework.
Deutsche Bank, one of Europe’s biggest banks, plans to roll out a digital asset custody service later this year to give institutional and corporate clients in Germany the ability to hold and transfer Bitcoin, Ether and selected stablecoins, according to a Sept. 16 statement.
Subject to regulatory approval, the service would initially cover a limited group of digital assets. The bank plans to add more over time and potentially support tokenized financial instruments.
Commenting on the move, Gerald Podobnik, co-head of the bank’s corporate division, said digital assets should be viewed as a complement to traditional financial infrastructure, with regulated financial institutions providing the security, controls and safeguards for clients using the technology.
“We see them as new rails that can coexist with existing market infrastructures while benefiting from the trust, security and safeguards that regulated financial institutions provide. Our aim is to offer clients a secure and regulated gateway to this evolving market,” Podobnik said. “The service will be further developed in line with client demand, regulatory requirements and the bank’s risk appetite.”
The bank is targeting asset managers, hedge funds, custodians, brokers and sovereign institutions that already operate within Deutsche Bank’s ecosystem and compliance framework. It also plans to serve corporate clients exploring digital assets for investment and payments, while digital-asset firms represent a smaller target segment.
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Podobnik said the business will take years to develop and generate revenue as Deutsche Bank adds more services.
The planned service comes amid increasing digital asset activity among large European lenders, supported by regulatory developments in Europe and conditions in the US. Deutsche Bank joined Goldman Sachs, Bank of America and Banco Santander earlier this year in exploring a stablecoin-like digital money initiative.
UniCredit is separately considering custody and brokerage services and is selecting a technology provider to build the required infrastructure, Bloomberg reported.