Deutsche Bank has announced plans to provide a corporate and institutional digital asset custody offering this year, subject to the regulatory timeline. The service targets clients across the Corporate Bank and Investment Bank, and sovereign institutions were included among the target list.
The timeline is a nod to the EU’s MiCA regulation, which only requires a licensed bank to give its national regulator 40 working days’ notice before providing crypto asset services. For Deutsche Bank that regulator is BaFin, which is known for asking questions during the notice period. Alongside custody the bank will offer transfer services. It will initially support just Bitcoin, Ether and a few stablecoins, namely USDC, EURC and EURAU, and intends to expand the range based on client demand and risk assessments.
Notably, EURAU is one of the stablecoins from AllUnity in which the bank’s asset management arm DWS is a joint venture partner, so there’s a vertical integration element at play here.
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