Report Says Deutsche Bank Is Weeks From Bitcoin Custody Launch

According to reports, Deutsche Bank is only a matter of weeks from introducing its crypto custody offering.

Reuters reported on Friday, citing its corporate banking chief, that the lender — Germany's largest — also intends to roll the custody platform out across Asia next year.

Major financial institutions around the globe are either introducing or preparing to introduce crypto custody, and over the last 18 months BNY Mellon, State Street, Standard Chartered, U.S. Bank and Citigroup have each committed to direct custody of digital assets.

JUST IN: €732 billion Deutsche Bank to launch Bitcoin custody to its 28 million clients

The bank first officially revealed in September that it planned a bitcoin custody service for corporate and institutional clients in Europe, saying at the time the launch was conditional on completing the applicable regulatory timeline.

According to Friday's report, the platform will initially handle custody of leading cryptocurrencies including bitcoin, after which it will add services enabling clients to shift funds into and out of stablecoins.

Reuters quoted Gerald Podobnik, co-head of the corporate bank, as saying the financial system will need to “offer tokenized or blockchain solutions.”

Several leading banks have in recent years begun applying the technology behind bitcoin — the blockchain — to their own offerings.

Stablecoins and tokenization, in particular, are drawing increasing attention as established financial companies seek to speed up certain services.

For banks entering the digital asset arena, crypto custody frequently serves as the entry point. In 2022, BNY Mellon became the first large U.S. bank to provide digital asset custody services.

This year, institutions such as Citi and Standard Chartered have either launched or unveiled plans for bitcoin custody arrangements globally.