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Deutsche Bank Files for Bafin License to Provide Crypto Custodial Services

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Germany’s top asset manager Deutsche Bank AG made a bold move to signal its entry into the digital space.

With an overall amount of $1.4 trillion, the bank has filed for a regulatory license to carry out custody services for digital assets which includes cryptos.

The Deutsche Bank is not making this bold move of providing digital assets custodian services for the first time.

Back in 2020, the bank made the same attempt but it didn’t state the exact time to commence the services.

READ ALSO: Binance Sends A Cease and Desist Order to Binance Nigeria Ltd.

However, as the organizational player participation within the cryptocurrency space keeps on rising, the call for regulated custodian service providers will increase.

No wonder, Deutsche Bank is leveraging the appropriate time when the big players such as Fidelity and BlackRock are already displaying their intentions to enter into the cryptocurrency space.

More Details of the Story

Just today, the largest bank in Germany, Deutsche Bank AG submitted its application for a regulatory license to BaFin, the German Securities Watchdogs.

The announcement was made today by the chief of the Deutsche Bank commercial banking unit, David Lynne, and Stefan Hoops, former chief of the corporate banking division at a conference.

As per Lynne’s statement, this bold move is among Deutsche’s Bank broader strategy to enlarge fee income for its corporate unit.

Also, it reveals the efforts of the bank to maximize income for the DWS Group which is its investment branch while providing related digital assets.

Lynne went further to say,”We  are developing our custody business and digital assets. That is why we apply to BaFin for the digital assets license”.

The Mystery behind this Latest Move by Deutsche Bank

Deutsche Bank made this move after the failure of Credit Suisse and a few months of the bank battling with major liquidity challenges earlier this year, March to be precise.

Despite the challenges, Germany’s banking behemoth managed to survive with confidence and becomes stronger than before.

Meanwhile, German lawmakers have been effortlessly working towards easing up the rules for cryptocurrency lending and staking.

In addition, the regulatory upgrades will streamline more with the establishment of the MiCA laws.

While the financial sector reveals its increasing regard for digital assets, Deutsche Bank’s entry into the cryptocurrency custody solutions shows its commitment to remaining ahead of the curve as well as caring for the ever-changing needs of its customers.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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