According to a report from the World Economic Forum, Deutsche Bank AG, Germany’s largest bank, is working to offer cryptocurrency custody services. Also, provide another series of services associated with digital currencies.
In this regard, specifically on page 23, the report details the bank’s plans to become a provider of custody services. Indeed, for institutional investors, due to the growing interest of this group of investors.
Deutsche Bank and its custody of cryptocurrencies
As is known, in recent weeks, large banks have stated that they have plans to offer cryptocurrency custody services. The Bank of New York Mellon being one of the last to express this. However, it is also under the plans of the German bank Deutsche Bank.
That’s right, Deutsche Bank AG, currently among the most reputable banks internationally, plans to enter the space. First, by providing custody of cryptocurrencies for institutional investors, backed by insurance. Allowing customers to buy and sell cryptocurrencies safely.
«The platform will be integrated with a full suite of regulated banking services. Which include KYC / AML, compliance, settlement, and more. Intuitive UX and CX will be crucial. In fact, Deutsche Bank will help users focus on what is important: their investment decisions.».
Similarly, Deutsche Bank intends to serve customers around the world. Custody fees and eventually tokenization and trading fees will be charged first, when these services are added to the platform.
In particular, in relation to the cryptocurrency custody service, the bank revealed that this process would take place in stages. Having as objective at all times, guarantee the security and accessibility of cryptocurrencies for clients.
Later, he indicated that this could evolve to a platform that allows buying and selling digital currencies. Through strategic partnerships with reputable exchanges, brokers, and specific issuers.
Furthermore, Deutsche Bank indicated that it would also offer value-added services such as tax, valuation and fund management. Thus, as loans, voting processes and many others.
Mainly, ensuring that the platform is open enough to allow the incorporation of external providers. As long as they operate in accordance with current regulations.
Stages of the project
- Provide custody of secured cryptocurrencies.
- Provide customers with the ability to buy and sell cryptocurrencies. Through a partnership with top approved brokers, issuers, and exchanges to build seamless cross-platform integration.
- Provide value-added services.
- Facilitate issuance and negotiation capabilities.
By way of closing, Deutsche Bank stated that it has already completed its Proof of Concept (PoC). And, they hope to release a viable product this year, while they analyze global customer interest to begin trials with their platform.
I say goodbye with this phrase from Albert Einstein: «Concern for man and his safety must always be the main interest of all efforts».