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  • Writer's pictureJamal Saafir

Deutsche Bank Wants Crypto Custody In Germany

According to a report from Bloomberg, Deutsche Bank, the $1.4 trillion asset manager that has been in the finance world since 1870, has now applied with the German finance regulator, BaFin, for a license to offer custody services for digital assets.

Despite the grumblings of the United States Securities and Exchange Commission (SEC), large institutions are seeking more footing in the world of crypto and digital finance. It seems they are seeing something that many have lost sight of or have never paid attention to. Deutsche Bank manages $1.4 trillion in assets and is seeking to add digital assets to its portfolio. I’ll give you a moment to ponder over that…

David Lynne, Deutsche Bank’s commercial banking unit lead

At a recent conference, Deutsche Bank’s commercial banking unit lead David Lynne stated that Deutsche is “building out our digital assets and custody business” and also stated,

“We just put our application into the BaFin for the digital asset license.”

According to Lynne, as reported by Bloomberg, the aim of Deutsche Bank seeking to custody digital assets is the profits to be gained through fee income. Deutsche’s aspirations to custody digital assets have been known as of December 2020, but now seem to be coming to fruition in 2023.

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