Deutsche Bank, a 153-year-old banking giant with nearly $1.5 trillion in assets, has entered the world of cryptocurrency by offering custody services for its clients’ digital assets. The bank has partnered with Swiss crypto firm Taurus to provide these services and address tokenized assets in addition to cryptocurrencies.
Paul Maley from Deutsche Bank emphasized the growing importance of digital assets and the need to support clients in the evolving digital assets ecosystem. While Deutsche Bank participated in Taurus’s fundraising round earlier this year, it clarified that it is not immediately venturing into crypto trading.
This move follows the footsteps of other banks like Standard Chartered, BNY Mellon, and Societe Generale, which have also started offering crypto custody solutions. HSBC has also recently collaborated with the crypto custody tech firm Fireblocks. Interestingly, despite Deutsche Bank’s historical skepticism toward cryptocurrencies, it has expressed consistent interest in blockchain technology.