German Banking Giant Deutche Bank Seeks a Crypto License (Report)

Reportedly, Germany’s largest bank by total assets – Deutsche Bank – has sought regulation Permission to start working as a cryptocurrency custodian.

DZ Bank — another leading financial institution in the country — is already leading the way in this space, partnering with Metaco and Harmonize to offer digital asset custody to institutional clients.

• Recent Bloomberg coverage informed Deutsche Bank (Germany’s largest bank with millions of customers and total assets exceeding $1.4 trillion) has applied with the Federal Financial Supervisory Authority (BaFin) to establish its “digital assets and custody business”.

“We have placed our application at Bafin for a digital asset license,” said David Lin, a member of the Group Management Committee at Deutsche Bank.

• He explained that this initiative is part of the bank’s strategy to boost fee income and is in line with the efforts of Deutsche Bank’s asset management arm – DWS Group.
• Presumably the latter open It intends to invest in two cryptocurrency companies: Deutsche Digital Assets (DDA) and Tradias. It also considered the possibility of collaborating with Galaxy Digital – a crypto-focused financial services company led by Bitcoin proponent Mike Novogratz.
• Deutsche Bank’s competitor in Germany – DZ Bank (the central organization of the cooperative financial network Volksbanken Raiffeisenbanken) – also presented similar ambitions. BaFin regulated entity cooperated In February this year, it partnered with Swiss company Metaco and coordination platform Harmonize to provide cryptocurrency custody services to institutional clients.