Deutsche Bank is preparing to launch a cryptocurrency custody service in Germany and is considering expanding the business to Asian financial hubs in 2027. Cointelegraph reported on Oct. 16 that the bank plans to expand its custody business in line with growth in the digital asset economy.
Gerald Podobnik (제럴드 포도브닉), co-head of Deutsche Bank's Corporate Bank, said the expansion is driven by the rapid growth of the digital asset economy, with hundreds of billions of dollars tied up in stablecoins. He said the business is part of an effort to achieve an 8 percent compound annual growth rate in the Corporate Bank division through 2028.
Deutsche Bank plans to start the custody service in Germany first. Initially supported assets include bitcoin, ethereum, Circle's USDC, EURC and AllUnity's EUR.
Deutsche Bank expects to receive approval for the custody service under the EU's Markets in Crypto-Assets framework, known as MiCA, in October.
Deutsche Bank began preparing the custody business in September 2023 in cooperation with crypto infrastructure platform Taurus. It has not disclosed which financial hub in Asia it will target first.
Chi-gyu Hwang
delight@d-today.co.kr