Deutsche Bank Launches Crypto Custody Service: Bitcoin, Ethereum, and Stablecoins Included!

Deutsche Bank has officially launched its custody service for Bitcoin, Ethereum, $USDC, $EURC, and EURAU for its institutional clients in Europe.

Global banking giant Deutsche Bank has announced the launch of its Digital Asset Custody service for corporate clients. Through this service, companies and institutional investors in Europe will be able to store Bitcoin, Ethereum, and certain stablecoins through Deutsche Bank.

Initially, supported assets include BTC and ETH, as well as dollar-backed $USDC, euro-backed $EURC, and EURAU issued by AllUnity. The bank will manage digital wallets and private keys on behalf of clients. Clients will be able to transfer stored assets to other parties.

The storage infrastructure will utilize both hot and cold wallets. Private keys will be protected by hardware-based security systems, and multi-party processes will be implemented to verify transactions. The bank has been working with Swiss-based digital asset company Taurus since 2023 to develop the infrastructure. Bitpanda was also reportedly involved in the project.

Deutsche Bank aims to unify custody, tokenization, and the settlement of digital asset transactions within the same regulated infrastructure in the medium term. To this end, a new agreement has been signed with Deutsche Asset Management, the bank’s asset management arm.

The two institutions will collaborate on tokenized money market funds, crypto asset-linked exchange-traded products, and stablecoins. They plan to utilize Deutsche Bank’s new platform for custody and settlement, as well as liquidity management, treasury operations, and product distribution.

Deutsche Asset Management announced plans to launch a tokenized money market fund, but did not disclose a launch date. As of September 30, the firm had assets under management totaling €1.22 trillion, or approximately $1.36 trillion.

*This is not investment advice.