Deutsche Bank launches crypto custody for Bitcoin, Ether and stablecoins
In brief
- Deutsche Bank launched crypto custody for institutional and corporate clients on Wednesday, per Cointelegraph.
- Client wallets and private keys are managed by the bank for storage and transfers.
- Supported assets: BTC, ETH, Circle's USDC and EURC, and AllUnity's EURAU.
- The bank's MiCA register listing, dated Oct. 12, names BaFin as regulator.
- Asian financial centers are the bank's planned 2027 expansion target, an executive told Reuters.
What clients can hold
The service initially supports Bitcoin (BTC), Ether (ETH) and a short list of stablecoins, according to the announcement as reported by Cointelegraph. Those stablecoins are Circle's USDC and EURC, plus AllUnity's EURAU.
That's a narrow menu, at least to start.
The custody model here is the bank-held kind. Clients don't run their own wallets or keys (Deutsche Bank manages both for them), and they can move assets through the bank as well as store them there.
Deutsche Bank also signed a memorandum of understanding with Deutsche Asset Management, its majority-owned asset manager, to explore collaboration on tokenized money market funds, crypto asset exchange-traded commodities and stablecoins, per the same announcement. It's an agreement to explore. It isn't a product.
A long road to launch
This didn't come together overnight. Deutsche Bank partnered with crypto infrastructure provider Taurus in 2023 to develop custody services, after applying for a digital asset custody license in Germany.
On Sept. 16, the bank announced plans to offer the service to institutional and corporate clients in Europe, pending regulatory clearance. Cointelegraph reported that Deutsche Bank's listing in the EU's Markets in Crypto-Assets Regulation (MiCA) register for crypto custody and transfer services was dated Oct. 12 and named Germany's BaFin as its regulator.
Wednesday's launch follows both steps.
Asia is on the 2027 roadmap
Gerald Podobnik, co-head of Deutsche Bank's corporate bank, told Reuters in October that the bank planned to launch in Germany before expanding to Asian financial centers in 2027, according to Cointelegraph's account of those comments.
For now, that's a plan. What's live today is Germany's largest lender holding Bitcoin, Ether and a handful of stablecoins for corporate and institutional clients, with BaFin named as the regulator on its MiCA listing.
Frequently asked questions
Which crypto assets does Deutsche Bank's custody service support?
According to Deutsche Bank's announcement as reported by Cointelegraph, the service initially supports Bitcoin (BTC) and Ether (ETH). It also supports select stablecoins, including Circle's USDC and EURC and AllUnity's EURAU.
Who regulates Deutsche Bank's crypto custody service?
Cointelegraph reported that Deutsche Bank's listing for crypto custody and transfer services in the EU's Markets in Crypto-Assets Regulation (MiCA) register was dated Oct. 12. That listing named Germany's BaFin as its regulator.
Will Deutsche Bank offer crypto custody outside Germany?
Gerald Podobnik, co-head of Deutsche Bank's corporate bank, told Reuters in October that the bank planned to launch in Germany and then expand to Asian financial centers in 2027. That's a stated plan, as cited by Cointelegraph, and not a launched service.
