Deutsche Bank plans crypto custody for Europe

• Deutsche Bank has announced a digital asset custody service for European institutional clients.
• The service will initially support Bitcoin, Ether, USDC, EURC and EURAU, subject to regulatory clearance.
• Deutsche Bank will manage client wallets and private keys, with tokenised financial instruments also on its roadmap.

Deutsche Bank has announced plans to launch digital asset custody for European corporate and institutional clients this year.

The service will initially support Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH), USDC (CRYPTO:USDC), EURC and EURAU.

“Digital assets are not a replacement for the traditional financial system but an important complement to it,” said Gerald Podobnik, Co-Head Corporate Bank, Deutsche Bank.

Deutsche Bank will manage client wallets and private keys, removing the need for clients to build their own custody infrastructure.

The initial client base will include asset managers, hedge funds, custodians, brokers, corporates and sovereign institutions.

The custody system will use hardware-based key protection, multi-person approvals and separate warm and cold storage environments.

Deutsche Bank has also placed tokenised financial instruments on its roadmap, while the supported asset range may expand after regulatory and internal approvals.

At the time of reporting, Bitcoin price was $75,610.67.