Deutsche Bank Plans to Store Crypto Assets

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Deutsche Bank, a German financial conglomerate, has recently submitted an application to BaFin for a license as a custody service provider for digital assets.

According to David Lynne, the head of the company’s commercial division, this initiative is part of a broader strategy to increase fee and commission income from corporate clients, and also reflects the investment arm of DWS Group’s interest in cryptocurrencies and the potential advantages associated with them.

In 2020, the bank declared the launch of a digital asset custody service suited to large investors, aiming to provide security and a high level of access to customers.

Furthermore, in 2021, the company’s analysts highlighted the potential of Bitcoin to become the “digital gold of the 21st century,” despite its instability.

On the contrary, in June 2023, the American investment bank Cowen announced the closure of its crypto division, due to the unfavorable economic situation and the uncertain regulatory environment that surrounds digital assets in the US.