Deutsche Bank is reportedly planning to offer cryptocurrency custody services, enabling its customers to store cryptocurrencies such as Bitcoin.
Bloomberg reported today that it learned about the development from sources who have direct knowledge of the matter. According to the report, Deutsche Bank plans to launch its crypto custody service as early as 2026.
Once launched, Deutsche Bank’s customers will be able to hold their crypto assets alongside traditional currencies within the banking platform.
Key Partners
The initiative will see Deutsche Bank partner with Bitpanda’s technology unit, a crypto exchange based in Austria. Taurus, a Swiss-based custody tech provider backed by Deutsche Bank, will also be involved in the bank’s crypto custody initiative.
Recall that Taurus launched a custody platform, Taurus-PROTECT, on the Solana network earlier this year.
Deutsche Bank’s Interest in Crypto Custody Services
For context, Deutsche Bank has been exploring the possibility of entering the crypto custody service market since 2020. At the time, a World Economic Forum report hinted that the bank plans to launch a crypto custody platform for its institutional clients.
“Deutsche Bank plans to create a custody platform for institutional clients and their digital assets, granting them seamless connectivity to the broader crypto ecosystem,” an excerpt of the WEF report reads.
In 2023, a spokesperson confirmed that Deutsche Bank had applied with Germany’s financial regulator to offer crypto custody services. Interestingly, the bank is now taking a significant step toward launching the service, with sources revealing that the crypto custody platform might launch next year.
Deutsche Bank’s Crypto Involvement
In the meantime, Deutsche Bank has not released an official statement confirming the potential launch of its crypto custody services by 2026.
Meanwhile, the German banking giant has been actively involved in crypto-related activities over the past few months. It has thrown its weight behind pro-crypto initiatives, including supporting the U.S. Strategic Bitcoin Reserve (SBR) and applauding the GENIUS stablecoin Act.
Last month, it hinted at plans to venture into the stablecoin market. Notably, the bank considered becoming a reserve manager for an existing stablecoin project or launching its own stablecoin.
Before this disclosure, Deutsche Bank and Standard Chartered completed a stablecoin payments trial on the Universal Digital Payments Network (UDPN).
Furthermore, Bloomberg reported last year that Deutsche Bank was developing a Layer-2 blockchain on Ethereum. The blockchain, which has not yet gone live, aims to eliminate compliance concerns for financial institutions seeking to adopt blockchain technology.