Deutsche Bank is preparing to launch crypto custody services in Germany and intends to expand the offering to Asian financial centers in 2027, according to a Reuters report published Friday. Gerald Podobnik, co-head of the bank’s corporate bank, said the push is being driven by the fast growth of the digital asset economy, including the hundreds of billions of dollars now held in stablecoins. He said the initiative also forms part of Deutsche Bank’s target of delivering 8% compound annual growth in its corporate banking division by 2028.
The custody service will initially support Bitcoin, Ether and selected stablecoins, according to a Sept. 16 press release. The assets named include Circle’s USDC, EURC and AllUnity EUR. A Deutsche Bank spokesperson had previously told Cointelegraph that the bank expects to receive regulatory approval for the product in October under the European Union’s Markets in Crypto-Assets Regulation, or MiCA. The European Securities and Markets Authority’s interim MiCA register also showed that the bank received authorization from Germany’s Federal Financial Supervisory Authority, BaFin, on Monday.
Cointelegraph said it contacted Deutsche Bank for comment on which Asian financial centers it may target first, but had not received a response by publication time.
Deutsche Bank is preparing to roll out crypto custody services in Germany and plans to extend the business to Asian financial centers in 2027.
Reuters reported on Friday that the move is tied to the rapid expansion of the digital asset economy. Gerald Podobnik, co-head of Deutsche Bank’s corporate bank, told Reuters that the market’s growth, including the hundreds of billions of dollars held in stablecoins, is helping drive the bank’s plans. He added that the custody push is part of Deutsche Bank’s effort to deliver 8% compound annual growth in corporate banking by 2028.
According to a Sept. 16 press release, the custody service will initially support Bitcoin (BTC), Ether (ETH) and selected stablecoins. The named assets include Circle USDC (USDC), EURC (EURC) and AllUnity EUR (EURAU).
A Deutsche Bank spokesperson recently told Cointelegraph that the bank expects to secure regulatory approval for the custody offering in October under the Markets in Crypto-Assets Regulation, or MiCA. The European Securities and Markets Authority’s interim MiCA register showed that Deutsche Bank received authorization from Germany’s Federal Financial Supervisory Authority, BaFin, on Monday.
Cointelegraph said it had contacted Deutsche Bank to ask which Asian financial centers the bank plans to target first, but no response had been received by the time of publication.
In September 2023, Deutsche Bank partnered with cryptocurrency infrastructure platform Taurus to support its crypto custody plans.
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