A $1.4 trillion multinational investment bank and financial services company is applying for a crypto custody license in Germany.
Deutsche Bank AG, Germany’s largest bank and the second largest bank in the European Union, is seeking regulatory approval to offer a custody service for digital assets, including cryptocurrencies, in Germany, according to a new Bloomberg report .
Says David Lynne, agent of Deutsche Bank AG’s commercial unit,
“We are building out our digital asset and custody business.
We have just placed our application for the digital asset license in the BaFin.
BaFin, the Bundesanstalt für Finanzdienstleistungsaufsicht, or the Federal Financial Supervisory Authority, is the main German financial regulator. BaFin is responsible for the supervision of banks, insurance companies and financial markets in Germany.
According to Lynne, Deutsche Bank’s investment bank is expanding its offerings related to digital assets as part of a broader strategy to increase fee income. The move reflects efforts by the bank’s investment arm, DWS Group, to increase revenue from these offerings, Lynne said.
While Deutsche Bank has historically been critical of digital assets, it has taken several steps to gain a potential first-mover advantage in the industry.
Earlier this year, the bank completed a new proof of concept in collaboration with the Memento blockchain. The bank said the goal of the new protocol, known as Project DAMA (Digital Asset Management Access), is to provide a more efficient and secure network for managing and accessing digital assets.
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