Deutsche Bank is planning to offer custody and other crypto services from issuance and trading for institutional investors. The bank disclosed its intentions to offer institutional crypto services in a report published by the World Economic Forum in December 2020. Deutsche Bank is the 21st largest bank in the world. The bank is also the sixth largest in Europe with $1.5 trillion in assets.
Deutsche Bank Planning to Offer Cryptocurrency Services
In a December report by the World Economic Forum entitled Crypto, What Is It Good For An Overview of Cryptocurrency Use Cases, WEF presented details from Deutsche Bank about a proof of concept for cryptocurrency custody.
As per the report, the proposed digital asset custody platform is split into four phases. The first phase will provide custody services to institutional investors. The second phase will move beyond crypto holdings, enabling to buy and sell via brokers and exchanges. The bank is also planning to add services from tax accounting to staking tokens on blockchain platforms, including trading and token issuance.
The report highlighted:
“The platform will be embedded with a full suite of regulated banking services, including KYC/AML, compliance, settlement, and more. Deutsche Bank will help users to focus on what’s important their investment decisions. This platform will focus on simplifying the customer experience and design implementation as a means of creating a differentiated product.”
Deutsche Bank Aiming for Crypto Product in 2021
According to the document, the bank has completed its proof of concept and is aiming for a minimum viable product in 2021. It is further exploring global client interest for a pilot initiative.
Deutsche Bank also emphasized that it will partner with prime brokerages, issuers, and vetted exchanges for offering trading services to its institutional clients. Additionally, it will introduce value-added services such as taxation, valuation services, and fund administration, lending, staking, and voting, and provide an open-banking platform to allow onboarding of third-party providers.