Deutsche Bank Partners with Taurus to Offer Crypto Custody Services for Institutional Clients

Summary

• Deutsche Bank has partnered with Taurus to offer crypto custody services to institutional clients, allowing the bank to hold select cryptocurrencies and tokenized traditional financial assets.

Deutsche Bank has taken a significant step into the world of cryptocurrencies by partnering with Swiss crypto firm Taurus to offer custody services for institutional clients' digital assets. This marks a notable move for the bank, as it will now be capable of holding a limited selection of cryptocurrencies and tokenized versions of traditional financial assets for its clients.

While this development signals Deutsche Bank's entry into crypto custody, the institution clarified that it does not have immediate plans to engage in crypto trading, despite its mention of such intentions in a 2020 World Economic Forum paper.

As the cryptocurrency market has faced challenges and regulatory scrutiny in recent times, major financial players, including Standard Chartered, BNY Mellon, and Societe Generale, have ventured into offering crypto custody services.

Paul Maley, Deutsche Bank's global head of securities services, emphasized the growing importance of the digital asset space, stating,

"As the digital asset space is expected to encompass trillions of dollars of assets, it's bound to be seen as one of the priorities for investors and corporations alike."

While embracing digital assets, Deutsche Bank is proceeding cautiously to address regulatory concerns. Maley assured that their product design and custody approach would safeguard the bank's broader activities and adhere to regulatory requirements, mitigating risks associated with cryptocurrency.

This move by Deutsche Bank reflects the evolving landscape of traditional financial institutions adapting to the rise of digital assets, even as the crypto market faces fluctuations and regulatory scrutiny.