Deutsche Bank launches crypto custody for institutions

Deutsche Bank launched a crypto custody service for institutional and corporate clients in Germany on Wednesday, allowing them to store and transfer digital assets while the bank manages their wallets and private keys.

The service supports Bitcoin, Ether, Circle’s USDC and EURC stablecoins, and AllUnity’s EURAU. Deutsche Bank provides custody and transfer services through its regulated banking infrastructure.

The bank announced plans for the service in Europe on Sept. 16, pending regulatory clearance. Its listing for crypto custody and transfer services in the European Union’s Markets in Crypto-Assets Regulation register is dated Oct. 12 and names Germany’s Federal Financial Supervisory Authority, known as BaFin, as the regulator.

Deutsche Bank also signed a memorandum of understanding with Deutsche Asset Management, its majority-owned asset manager, to explore cooperation on tokenized money market funds, crypto asset exchange-traded commodities and stablecoins.

The bank plans to expand the custody service from Germany to Asian financial centers in 2027. Gerald Podobnik, co-head of Deutsche Bank’s corporate bank, identified Germany as the first market in October and the Asian expansion as a later stage of the plan.

Deutsche Bank began working with crypto infrastructure provider Taurus in 2023 to develop custody services. The bank had previously applied for a digital asset custody license in Germany.

Crypto custody services allow financial institutions to hold and administer digital assets for clients. By managing wallets and private keys, Deutsche Bank provides clients with custody infrastructure without requiring them to secure those credentials directly.

Reviewed and fact-checked by Alex Panasenko on November 11.