Deutsche Bank Attempts to Obtain a Crypto Custody Service License: Details

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Youri Molchan

German banking giant intends to break into crypto space, now seeks license

A recent Bloomberg article indicates that German banking giant Deutsche Bank is seeking a license to offer its customers a crypto custody service.

Deutsche Bank has applied to Bafin (German Federal Finance Administration) for a regulatory license to provide custodial services for digital assets such as cryptocurrencies. Deutsche Bank is Germany’s largest banking institution with total assets of 1.337 billion euros in the fourth quarter

Wu Blockchain (@WuBlockchain) June 20, 2023

According to the head of the bank’s commercial banking unit, David Lynne, the company has just submitted an application to Bafin (the German securities regulator), now awaiting formal regulatory clearance to deal cryptocurrencies.

This step was taken as part of the bank’s current strategy to increase fee income to the company’s corporate bank, per Lynne. In addition, Deutsche Bank’s investment company, DWS Group, is now looking to increase its profits through crypto-related services, so Deutsche Bank’s commercial bank intends to do the same.

Plans to enter the crypto space and offer crypto custody services to customers were first voiced in 2020. However, no specific date was given as to when this would be done.

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