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Deutsche Bank opens digital asset custody to paying clients

The lender also signed a memorandum of understanding with Deutsche Asset Management to explore cooperation on digital assets.

Illustration of digital tokens stored inside a secure electronic vault
Photo: CNA

Deutsche Bank said on November 11 that paying clients were now using its digital asset custody service, following plans announced in September to serve institutional and corporate customers in Europe.

Germany's largest lender had said the planned service required regulatory approvals and would provide storage and safekeeping for digital assets such as bitcoin and ether. It has previously said it wants to extend the offering to Asia.

Paul Maley, Deutsche Bank's global head of trust and securities services, said its medium-term goal is an integrated, regulated digital asset ecosystem covering custody, tokenization and settlement.

The bank separately announced a memorandum of understanding with Deutsche Asset Management, the majority-owned money manager previously known as DWS. The two intend to examine potential commercial and technical cooperation involving digital assets.

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Valeria Montoya

Finance Editor

Edits and reviews stories on banks, insurers, asset managers, payments and fintech, private equity and credit, the regulation of financial institutions, and personal finance.

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