Deutsche Bank to Launch Crypto Custody Services in Germany and Target Asian Markets by 2027

The rapid expansion of the digital asset sector, which includes hundreds of billions of dollars held in stablecoins, is motivating Deutsche Bank’s strategy, according to Gerald Podobnik, co-head of the bank’s corporate division, as reported by Reuters.

Podobnik emphasized that this initiative aligns with Deutsche Bank’s aim to achieve an 8% compound annual growth rate in its corporate banking segment by 2028.

At launch, the custody platform will support major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), alongside selected stablecoins including Circle’s USDC, EURC, and AllUnity EUR (EURAU), as detailed in the bank’s press release dated September 16.

A Deutsche Bank spokesperson informed Cointelegraph that the bank anticipates securing regulatory approval in October under the EU’s Markets in Crypto-Assets (MiCA) framework. The interim MiCA registry from the European Securities and Markets Authority recently listed Deutsche Bank as receiving authorization from Germany’s BaFin.

Cointelegraph reached out to Deutsche Bank for insight on which Asian financial centers the bank intends to prioritize in its expansion but had not received a response at publication time.

In September 2023, Deutsche Bank formed a partnership with cryptocurrency infrastructure provider Taurus to bolster its crypto custody services development.

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