Deutsche Bank has launched its Digital Asset Custody service for institutional and corporate clients in Europe, The Block reported on November 11. The launch comes less than two months after the bank first announced its plans on September 16.
According to The Block, the bank manages wallets and private keys on behalf of clients, who can hold assets with the bank and transfer them to third parties. Supported assets are bitcoin, ether and three stablecoins or e-money tokens: USDC, EURC and EURAU. Security features include hardware-based key protection, multi-person transaction approvals, and separate warm and cold storage.
Decrypt reported that the service covers custody and transfers for now, with tokenized financial instruments on the roadmap, and that BaFin authorized the bank under the EU’s MiCA framework. Target clients include corporates, asset managers, hedge funds, brokers, custodians and sovereign institutions, subject to the bank’s due diligence. In its September release, Deutsche Bank warned that digital assets carry risks such as price volatility, fraud and cyber incidents, and are not covered by a deposit guarantee comparable to that for eligible deposits.
Paul Maley, the bank’s global head of trust and securities services, said the bank aims to deliver a “fully integrated, regulated ecosystem” for custody, tokenization and settlement over the medium term.
The bank also signed a memorandum of understanding with Deutsche Asset Management to explore tokenized money market funds, crypto exchange-traded commodities and stablecoins. Neither outlet reported launch dates for those products, and no first clients were named.
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Sources:
The Block: Deutsche Bank goes live with digital asset custody service, signs asset management deal
Decrypt: Deutsche Bank Goes Live With Crypto Custody After a Five-Year Buildup
Deutsche Bank: to launch digital asset custody solution (September 16 release)
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