Deutsche Bank plans to launch custody services for major crypto assets such as Bitcoin and Ethereum within a few weeks and expand its digital financial services.
According to a report by Wu Blockchain citing Reuters, Germany’s largest bank has set a near-term timeline for launching its crypto custody service. Gerald Podobnik, co-head of Deutsche Bank’s Corporate Bank, said that major crypto assets such as Bitcoin and Ethereum will be supported initially.
The custody service will provide a banking service for securely holding customers’ crypto assets. This means the bank’s plan is moving from a general statement of interest in Bitcoin and Ethereum to a product it aims to launch within weeks.
The plan goes beyond crypto custody
Deutsche Bank also aims to offer customers conversion between fiat currency and stablecoins. The bank’s broader digital finance plan also includes tokenized deposits and support for issuing blockchain-based securities, including digital bonds.
These services stand out as steps toward expanding the connection between traditional banking transactions and blockchain-based financial products. A near-term launch target has been set for the crypto custody service, while the other products are among the services the bank plans to develop.
Another part of the growth strategy Podobnik outlined is expanding into financial centers in Asia in 2027. The bank views these steps as part of its plan to grow its corporate banking operations.
Not investment advice.