Deutsche Bank Applies for Crypto Custodian License
Deutsche Bank, one of Germany’s leading financial institutions, has taken an important step towards embracing the digital asset revolution by seeking for a licence to provide cryptocurrency custody services.
During a conference, the bank’s commercial banking section, led by David Lynne, acknowledged the application, expressing a commitment to expanding their digital assets and custody business. The application has been submitted to Bafin, Germany’s securities regulator.
The bank hopes to position itself as a trustworthy custodian for digital assets by gaining this licence, which will allow it to provide a secure storage option for cryptocurrencies and other digital assets.
This strategic approach is consistent with Deutsche Bank’s overall goal of increasing fee income in its corporate banking segment. As the demand for cryptocurrency grows, the bank sees an opportunity to generate revenue through digital asset-related services.
(With inputs from Shikha Singh)
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