Germany's largest bank, Deutsche Bank, has applied for a digital asset license to BaFin, the country's financial regulator, to offer custody services for cryptocurrencies. The move was first announced by the head of the lender's corporate banking unit, David Lynne. Lynne said the move aims to increase income at Deutsche Bank's Corporate Bank. - The bank executive also stated that the application is part of the banking giant's investment arm DWS Group's efforts to expand income from offerings related to digital assets.
- Deutsche Bank first announced its plans to offer a crypto custody service in late 2020, though it never disclosed the service's launch date.
- At the time, the lender's corporate banking unit was led by Stefan Hoops, who is now carrying out the CEO position at the bank.
Deutsche Bank currently has around $1.4T of assets under management. |
