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Deutsche Bank plans to offer crypto custody, trading, and token issuance services

Deutsche Bank is planning to launch a host of crypto-related service that will target institutional clients.

Image by: Tony Webster / Flickr

Mon, 15 Feb 2021, 14:34 pm UTC

A number of well-known banks and financial institutions have started offering crypto-related services due to increasing demand from their clientele. Deutsche Bank is about to join the trend with its planned cryptocurrency custody and other services such as token issuance that will institutional clients.

The entry of institutional investors last year has been cited as one of the reasons for the ongoing crypto market rally, which saw Bitcoin recently establish a new all-time high when it traded above $49,000. Recognizing this growing niche, Germany-based Deutsche Bank has been quietly developing its own prototype for a cryptocurrency custody platform that will target institutions, according to Coindesk.

While the bank has not made any official announcement on the project, it was mentioned in a report by the World Economic Forum, which was published in December 2020. “Deutsche Bank aims to develop a fully integrated custody platform for institutional clients and their digital assets providing seamless connectivity to the broader cryptocurrency ecosystem,” the WEF report said.

One of the project’s goals is to create a secure bridge between digital assets and traditional banking services. The platform will also make it easier for crypto holders to manage both their digital assets and fiat holdings as well as allow the later addition of value-added services either by the bank or by third-party providers.

Deutsche Bank also aims to “ensure the safety and accessibility of assets for clients by offering an institutional-grade hot/cold storage solution with insurance-grade protection.” However, the report did not specifically mention any cryptocurrencies or tokens that it will support.

To accomplish these goals, the project will be implemented in four stages, according to Decrypt. The bank will first offer insured crypto custody service for “vetted digital assets on behalf of institutional investors, such as asset managers, wealth managers/family offices, corporates, and digital funds.”

The second stage will go beyond mere custodial services to enabling clients to buy and sell crypto via the platform. Deutsche will “provide clients with the ability to buy and sell digital assets via a partnership with prime brokers, issuers, and vetted exchanges to build out the seamless integration across platforms.”

The project's third stage will add services such as tax accounting, lending, token staking, and valuation. The platform will also allow the onboarding of third-party service providers. The final phase will grant clients the capability to issue and trade tokens.

There is a possibility that Deutsche Bank might be able to launch the service this year. “The bank has completed its proof of concept and is aiming for a minimum viable product in 2021 while exploring global client interest for a pilot initiative,” the report said

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