Germany’s largest bank, Deutsche Bank, is reportedly gearing up to launch a digital asset custody service by 2026, marking a significant step in its ongoing foray into the cryptocurrency sector.
According to Bloomberg, the banking giant plans to roll out the service in collaboration with Bitpanda Technology Solutions, the tech arm of Austria-based crypto exchange Bitpanda. Sources familiar with the matter also revealed that Swiss technology provider Taurus, which is backed by Deutsche Bank, will play a role in developing the custody offering.
This move would reaffirm Deutsche Bank’s long-standing ambitions in crypto storage, which date back to 2020 when it first outlined plans to offer digital asset custody.
The bank’s growing interest in cryptocurrencies has been evident in recent years. Earlier this June, Sabih Behzad, Deutsche Bank’s head of digital assets, shared that the institution was exploring ways to tap into the stablecoin market. Options under consideration include issuing its stablecoin or participating in existing stablecoin projects. Behzad noted that stablecoins are gaining momentum, particularly with regulatory clarity emerging in the US, and highlighted banks’ potential roles from reserve management to stablecoin issuance.
Beyond stablecoins, Deutsche Bank is also evaluating the possibility of developing its own tokenized deposit solutions to streamline payments. Additionally, reports from late last year indicated the bank was working on creating a proprietary layer-2 blockchain built on Ethereum, leveraging ZKsync technology to enhance scalability.
The upcoming crypto custody service builds upon Deutsche Bank’s existing relationship with Bitpanda, with the two firms collaborating since mid-2024 to bolster payment systems at the crypto exchange. In 2023, Deutsche Bank had already signaled its intent to enter digital asset custody by applying for the necessary license in Germany and partnering with Taurus for initial rollout plans.
This news arrives alongside a broader wave of crypto adoption among German banks. On Tuesday, Sparkassen-Finanzgruppe, another major financial institution in the country, revealed plans to introduce cryptocurrency trading services to its 50 million customers.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
