Deutsche Bank rolls out digital asset custody service

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Deutsche Bank has launched its Digital Asset Custody (DAC) service, giving corporate and institutional clients in Europe access to cryptocurrency and stablecoin custody.

The service covers Bitcoin, Ether, USDC, EURC and EURAU. Deutsche Bank manages the wallets and private keys, allowing clients to hold and transfer their digital assets.

The bank first announced the initiative in September, subject to regulatory approval. The custody infrastructure combines warm and cold storage, hardware-based private key protection and multi-person approval for transactions.

Deutsche Bank developed its digital asset custody and tokenisation capabilities through a partnership with Taurus, which began in 2023. Bitpanda has also reportedly been involved in the project.

The launch coincides with a separate agreement between Deutsche Bank and Deutsche Asset Management to explore the creation of tokenised financial products.

The bank plans to build a regulated digital asset ecosystem spanning custody, tokenisation and settlement, said Paul Maley, global head of trust and securities services.