According to a report by Reuters, German banking giant Deutsche Bank has partnered with Swiss cryptocurrency firm Taurus to offer Bitcoin and crypto custody and other related services to its institutional clients.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike,” said Deutsche Bank’s global head of securities services, Paul Maley. “Our focus is not just on cryptocurrencies, but supporting our clients in the overall digital assets ecosystem.”
The announcement also comes at a time when regulatory clarity around the industry is improving. Governments and financial regulators worldwide have been working to establish clear guidelines for the use and trading of digital assets.
According to the report, Deutsche Bank is proceeding “cautiously and in line with the spirit and the letter of the regulations governing this asset class.” Maley went on to further explain that “Our product design, and the nature of custody for clients, will make sure that there isn’t the risk of contaminating the bank’s other activities.”
Bitcoin continues to gain momentum and recognition as a legitimate asset class, with the asset becoming a very attractive investment option for hedge funds, family offices, and other institutional investors. Deutsche Bank’s decision to enter this market is seen as a strategic move to capture a share of this burgeoning market.