Germany’s Largest Bank to Offer Crypto Custody Services Following Past Report on XRP

Deutsche Bank, the largest financial institution in Germany, is launching a crypto custody offering.

Germany’s largest banking institution, Deutsche Bank (with $1.38 trillion in assets), is set to allow its customers to store cryptocurrencies and other digital assets. Deutsche has entered into a partnership with Swiss-based digital asset custodian Taurus to launch the new offering.

Under the agreement, Taurus will offer Deutsche Bank its digital asset custody and tokenization infrastructure. Such integration would allow the German multinational bank to go beyond the nascent market for cryptocurrencies to custody for tokenized versions of real-world assets and digital currencies such as those issued by central banks (CBDCs).

However, Deutsche Bank’s latest partnership with Taurus to unlock crypto custody for its customers is not entirely surprising. The bank participated in a Series B round for Taurus in February, helping the startup raise $65 million. Credit Suisse led the round, with Pictet and Arab Bank Switzerland completing the quartet on the cap table.

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In the wake of growing demand for cryptocurrencies and digital assets, integrating with established crypto custody solutions offers a more straightforward way for banks to provide clients with exposure to the emerging asset class. US-based BNY Mellon, in a similar move, integrated with digital asset custody startup Fireblocks.

Deutsche Bank eyes “trillions of dollars” in crypto market valuation 

Germany’s largest bank is expanding its foothold in the digital asset industry, recognizing its potential to morph into a multi-trillion-dollar financial market. Deutsche Bank’s Global Head of Securities Services, Paul Maley, in a statement, noted that the emerging space “is expected to encompass trillions of dollars of assets” and become a top priority for investors and companies.

Deutsche Bank is positioning itself for such a future. In June, the financial institution applied for a digital asset custody license from Germany’s financial and securities markets watchdog, BaFin.

The bank has also undertaken digital asset research projects, including a study highlighting the efficiency of using XRP for global payments.

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• Source: https://thecryptobasic.com/2023/09/15/germanys-largest-bank-to-offer-crypto-custody-services-following-past-report-on-xrp/?utm_source=rss&utm_medium=rss&utm_campaign=germanys-largest-bank-to-offer-crypto-custody-services-following-past-report-on-xrp