$1,400,000,000,000 Deutsche Bank Applies for Cryptocurrency Custody License in Germany: Report
Daily Hodl Staff
June 20, 2023
A multinational investment bank and financial services company valued at $1.4 trillion is applying for a crypto custody license in Germany.
According to a new Bloomberg report, Deutsche Bank AG, Germany’s largest and the European Union’s second-largest bank, is seeking regulatory approval to offer a custody service for digital assets, including cryptocurrencies, in Germany.
Says David Lynne, runner of Deutsche Bank AG’s commercial unit,
“We’re building out our digital assets and custody business.
We just put our application into the BaFin for the digital asset license.”
BaFin, the Bundesanstalt für Finanzdienstleistungsaufsicht, or the Federal Financial Supervisory Authority, is the main German financial regulator. BaFin is responsible for the supervision of banks, insurance companies, and financial markets in Germany.
Advertisement
______________________________________________________
According to Lynne, Deutsche Bank’s corporate bank is expanding its offerings linked to digital assets as part of a wider strategy to increase fee income. The move mirrors efforts at the bank’s investment arm, DWS Group, to expand income from these offerings, according to Lynne.
While critical of digital assets in the past, Deutsche Bank has made several moves to get a possible first-mover advantage in the industry.
Earlier this year, the bank completed a new proof of concept in collaboration with the Memento blockchain. The bank said that the aim of the new protocol, known as Project DAMA (Digital Asset Management Access), is to provide a more efficient and safe network for managing and accessing digital assets.
Source: The Daily Hodl
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
