Deutsche Bank launches digital asset custody service for European clients

Business · First reported 11 Nov, 08:04 · Updated 08:49

Image: Wikimedia Commons · Ysherazi · CC BY-SA 4.0

Deutsche Bank says its digital asset custody service is now live for paying institutional and corporate clients in Europe. The service supports Bitcoin, Ethereum and three stablecoins, and the bank also signed a memorandum of understanding with Deutsche Asset Management. Only centre-side coverage was supplied for this story.

Deutsche Bank's Digital Asset Custody service has gone live for paying institutional and corporate clients in Europe.
The service supports Bitcoin, Ethereum, USDC, EURC and EURAU, with the bank managing wallets and private keys for clients.
The bank signed a memorandum of understanding with Deutsche Asset Management to explore tokenized money market funds, crypto exchange-traded commodities and stablecoins.
The bank received authorization from German regulator BaFin under the EU's MiCA regulation, and it plans to expand the custody service to Asia.
The bank cautioned that the custody service does not protect clients against swings in the value of digital assets, fraud or failures by other market participants.

Summary written by Sumzly from 3 articles

Key facts

Service availability: Live for paying institutional and corporate clients in Europe
Supported assets: Bitcoin, Ethereum, USDC, EURC and EURAU
Asset manager AUM: About 1.22 trillion euros as of Sept. 30
Stablecoin consortium: $270 million challenge to crypto's dominant stablecoin issuers
Security setup: Hardware-based key protection, multi-person approvals, separate warm and cold storage