Deutsche Bank is set to launch its bitcoin custody service within weeks, according to reports from the bank's corporate banking leadership. The German multinational will initially offer custody services for major cryptocurrencies to European corporate and institutional clients.
The bank plans to expand its custody platform into Asia in the coming year, with Gerald Podobnik, co-head of the corporate bank, noting that the financial system will need to "offer tokenized or blockchain solutions."
The custody service will eventually support services helping clients move money into and out of stablecoins, building on initial cryptocurrency custody capabilities.
Deutsche Bank first announced its intention to develop a bitcoin custody service in September, with the launch subject to completion of applicable regulatory requirements. Friday's reports indicate those regulatory hurdles are nearly resolved.
The bank joins a growing list of major financial institutions entering the digital asset custody space. BNY Mellon, State Street, Standard Chartered, U.S. Bank, and Citigroup have all committed to direct crypto custody services over the past 18 months. BNY Mellon became the first major U.S. bank to offer digital asset custody services in 2022, while Citi and Standard Chartered have announced or launched bitcoin custody offerings globally this year.
Crypto custody has emerged as a common entry point for traditional financial firms seeking to expand into digital assets, often preceding broader blockchain and tokenization services.
