Do we really need banks to guard the crypto-money? Institutionals still seem to find it difficult to adopt the idea of storing and managing their cryptos assets themselves. Deutsche Bank has presented a Proof of Concept for its cryptos safekeeping services. It will gradually expand its offers thereafter.
A crypto plan for a German bank
In a December 2020 report from the World economic forum entitled « Crypto What Is It Good For: An Overview of Cryptocurrency Use Cases » the WEF presents details from Deutsche Bank regarding a Proof of Concept for the custody of cryptosystems.
The deployment of the cryptos custody platform is divided into 4 phases.
The first phase consists of the custody of assets for institutional investors such as asset managers, wealth managers, corporations, and digital funds.
The 2nd phase will allow the purchase and sale of cryptos via brokers or exchanges.
In the next phase, Deutsche Bank will add ancillary services to its core offerings, such as tax accounting and staking on blockchain platforms.
The fourth phase will consist of issuing tokens and offering trading services.
Even the older ones are getting into it
Bitcoin (BTC) is increasingly attracting institutional investors looking for an asset to hedge against fiat inflation.
Tesla recently acquired 1.5 billion BTCs, while MicroStrategy held a conference on Bitcoin before an audience of 1,400 companies.
Bitcoin reached a new ATH on February 12, 2021, approaching $49,000. It is trading at $47,055 at the time of writing.
Ether (ETH) and DeFi may also attract more and more institutional investors in 2021.
On February 12, 2021, the oldest US bank, BNY Mellon, indicated that it would keep Bitcoins for its clients.
The bank plans to keep BTCs and other cryptos for the asset manager account.
Institutionals appear to be stepping up their involvement in cryptos, as Janet Yellen continues to speak out against Bitcoin and its cadets. Will legislators feel that the advances in cryptosystems are significant enough to justify the rejection of any laws to ban cryptosystems in a country? Institutionals are creating « exit barriers » for regulators, but regulators can blast them into continuing the reign of fiat with their CBDCs.
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