Deutsche Bank To Debut Bitcoin Custody Within Weeks

According to reporting by Bitcoin Magazine, German multinational Deutsche Bank is just weeks away from debuting its crypto custody service. Citing a Reuters report quoting the lender's corporate banking chief, Germany's biggest bank also plans to expand the custody platform into Asia next year.

Initially announced in September for European corporate and institutional clients, the service will support the custody of major cryptocurrencies like bitcoin before expanding to help clients move money into and out of stablecoins. Gerald Podobnik, co-head of the corporate bank, stated that the financial system will need to offer tokenized or blockchain solutions.

Other major financial institutions worldwide, including BNY Mellon, State Street, Standard Chartered, U.S. Bank, and Citigroup, have committed to or debuted direct crypto custody services over the past 18 months. Crypto custody frequently serves as the starting point for traditional financial firms entering the digital asset space as they aim to accelerate certain services using blockchain technology, stablecoins, and tokenization.