The Deutsche Bank group plans to launch a custody service for cryptocurrencies aimed at major investors. This follows the World Economic Forum (WEF) report from December 2020.
The document states that the prototype Deutsche Bank Digital Asset Custody is intended to be “a fully integrated platform for institutional clients and their digital assets, delivering seamless interaction with the broader cryptocurrency ecosystem.”
Specific cryptocurrencies are not mentioned in the report; only the goal of creating the new service is stated—”to ensure security and accessibility for clients, offering an institutional-grade solution for hot and cold storage of assets.”
The rollout is planned in stages. Ultimately the service will allow clients not only to store but also to buy and sell digital assets through prime brokers and “trusted” exchanges. The new product is aimed at asset managers, family offices, corporations and cryptocurrency funds.
The Deutsche Bank service will provide additional services—tax assistance, lending and staking services, as well as asset management.
Revenue for Deutsche Bank Digital Asset Custody will come from custody fees, and later from trading and other commissions.
The financial giant has already completed work on the concept. The launch of a minimally viable product is expected in 2021 with the participation of large companies in a pilot project.
WEF Cryptocurrency Uses Cases 2020 by ForkLog on Scribd
Earlier, Deutsche Bank analysts concluded that investors increasingly prefer Bitcoin to gold.
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