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Deutsche Bank to hold crypto for institutional clients
September 15, 2023
Deutsche Bank has partnered with Swiss crypto firm Taurus to provide custody services for institutional clients’ cryptocurrencies and tokenised assets, Taurus said in a statement on Thursday.
The partnership means Deutsche Bank will, for the first time, be able to hold a limited number of cryptocurrencies for its clients, as well as tokenised versions of traditional financial assets, a Deutsche Bank spokesperson said.
Crypto trading is not in the bank’s “immediate plans”, the spokesperson said. Deutsche Bank said it aimed to offer crypto trading in a World Economic Forum paper back in 2020.
Crypto markets have struggled to recover from last year’s series of collapses at top crypto firms, which left investors with large losses and prompted lawmakers around the world to call for more regulation. Still, various mainstream financial firms are talking about the possibility of blockchain – the technology behind cryptocurrencies – to be used in the trading and settlement of traditional financial assets.
Various banks, including Standard Chartered, BNY Mellon and Societe Generale, offer crypto custody services.
“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 Paul Maley, Deutsche Bank’s global head of securities services.
The crypto market is worth around $1.1 trillion, down from a peak just above $3 trillion in November 2021, according to CoinGecko data.
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