Deutsche Bank has launched a digital asset custody (DAC) service and also signed an agreement with DWS to develop tokenised financial products, The Block reported on Tuesday.

Deutsche Bank first announced in September a plan to offer custody services for bitcoin, ether, USDC, EURC and EURAU to corporate and institutional clients in Europe.

Clients can now deposit those assets with Deutsche Bank and transfer them elsewhere. Deutsche Bank manages the wallets and private keys.

Deutsche Bank has been working with Taurus since 2023 to develop digital asset custody and tokenisation services. Bitpanda is also reported to have taken part in the project.

Paul Maley (폴 말리), global head of trust and securities services at Deutsche Bank, said the medium-term goal was to provide an integrated regulated ecosystem supporting digital asset custody, tokenisation and payments.

A memorandum of understanding between Deutsche Bank and DWS covers tokenised money market funds (MMF), crypto exchange-traded commodities (ETC) and stablecoins.

The two plan to use Deutsche Bank's DAC platform to review custody and settlement methods, liquidity management, asset management and sales plans.

Manfred Bauer (만프레트 바우어), chief product officer at DWS, said it was planning to launch a tokenised MMF.