Germany’s Biggest Bank Goes Crypto: Deutsche Bank Launches Bitcoin Custody
Deutsche Bank has launched a crypto custody service for Bitcoin, Ethereum, and stablecoins, making it the largest European lender to offer direct institutional digital asset services.
The new custody service safeguards digital assets for clients by managing private keys and wallets, but it is not available to retail investors.
It supports Bitcoin, Ethereum, and three stablecoins: USDC, EURC, and EURAU, a euro token from AllUnity.
The bank also handles safekeeping and transfers, with tokenized financial instruments planned for the future.
Regulatory Process and Competition
The launch comes after Deutsche Bank applied to the German regulator BaFin in June 2023, a process that took over 41 months.
This move places the bank in direct competition with Commerzbank, which secured a custody license in 2023.
Three other German applicants also won approval during this period.
Future Expansion and Strategy
The service is now authorized across all 30 European Economic Area states following MiCA regulations.
Deutsche Bank plans to expand into Asian financial centers in 2027 and add stablecoin conversion, tokenized deposits, and digital bond issuance.
The bank also signed a memorandum of understanding with Deutsche Asset Management on Wednesday to further explore digital asset collaboration.
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