Deutsche Bank Prepares Institutional Crypto Custody Service

Deutsche Bank is preparing to launch a digital asset custody service for institutional clients, pending regulatory approvals later this year. The German bank aims to provide a secure way for portfolio management companies, hedge funds, custodians, brokerage firms, and sovereign wealth funds to store and move certain cryptocurrencies.

The planned service will enable clients to protect their digital assets and sell supported assets to third parties. Deutsche Bank will be responsible for the management of cryptocurrency wallets and private keys of its customers, allowing institutions to choose not to construct and maintain their own custody system.

The bank's planned entry into crypto custody puts it on par with other European financial institutions that are also looking into digital assets. However, the service's final launch date and supported assets remain subject to regulatory approval.