Deutsche Bank Seeks Regulatory Approval for Crypto Custody Service
Deutsche Bank, Germany's largest financial institution, is pushing forward with its plans to launch a digital-asset custody service for institutional and corporate clients across Europe. The move is pending regulatory approval from BaFin, Germany's federal financial supervisory authority, under the EU's Markets in Crypto-Assets Regulation framework.
The custody platform will allow institutional clients to securely hold and transfer a curated list of digital assets, including Bitcoin, Ether, and three stablecoins: USDC, EURC, and EURAU. The service is designed with robust security features such as hardware key protection, multi-person approval workflows, and segregated storage options.
According to Gerald Podobnik, Co-Head of the Corporate Bank, the move is additive rather than revolutionary, complementing existing financial market infrastructure instead of replacing it. The target client base spans Deutsche Bank's Corporate Bank and Investment Bank divisions, including asset managers, hedge funds, custodians, brokers, and sovereign institutions.
Deutsche Bank submitted its application for a BaFin crypto custody license in 2023 and has forged technology partnerships with Bitpanda and Taurus to support the launch. The go-live target is later in 2026, subject to BaFin's sign-off.