Deutsche Bank applies for crypto asset custody license | CoinDesk JAPAN | Coin Desk Japan

Deutsche Bank, a major German bank, announced on June 20 that it had applied to develop a crypto asset (virtual currency) custody business in Germany.

“We have applied for a BaFin license for crypto custody,” a Deutsche Bank spokesperson told CoinDesk.

Deutsche Bank is considering crypto custody to enable it to offer an “institutional-grade hot/cold storage solution with insurance-grade protection” in February 2021 It has said.

At the time, the custody platform, which Deutsche Bank was planning to launch in phases, would eventually allow customers to buy and sell crypto assets through prime brokers, as well as tax processing, valuation services, fund management, lending, staking and voting. service will also be able to be provided.

Deutsche Bank has long been active in the crypto space. Most recently, the bank’s asset management arm, DWS, was reportedly in talks to acquire minority stakes in two crypto companies.

According to Bloomberg, Deutsche Bank’s commercial banking head David Lynn said at a conference on Thursday that the bank is currently “building out its digital assets and custody business.” It says.

In February, DWS CEO Stefan Hoops said the current slump in cryptocurrency prices could present “interesting opportunities” for the asset management sector.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Deutsche Bank Applies for Digital Asset License in Germany as TradFi Pushes Further Into Crypto