Germany’s largest banking institution Deutsche Bank AG has reportedly applied for a digital asset custodian license with BaFin on June 20 with a focus on offering custody services for cryptocurrencies.
Germany’s largest banking institution, Deutsche Bank AG, has reportedly applied for a digital asset custody license with the German financial regulator BaFin in a bid to expand its revenue streams, BloombergThis comes after a similar shift from the bank's investment arm, DWS Group, and aims to expand on digital asset custody services including cryptocurrencies. DWS Group had earlier.
The banking giant’s corporate bank division first revealed plans to offer digital asset-related services in 2020 but hadn't announced a timeline for the introduction of the services. Deutsche Bank’s commercial banking unit head David Lynne announced on June 20 that the lender is building its “digital assets and custody business,” and that it has applied for a license with the country’s financial regulator, according to Bloomberg.
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