Sprechen sie crypto? – Is Deutsche Bank, Germany’s largest bank, falling for Bitcoin (BTC) and cryptomoney? At least that is the declared goal of its future digital asset custody service, and this crypto integration could go even further.
Embracing the nascent banking crypto-revolution
Since last year, a new law has allowed traditional German banks to manage and keep cryptomoney and offer it to their customers.
Some 40 banks have already enthusiastically jumped into the breach, but this time it’s a banking giant that could soon make its big breakthrough into the cryptosphere.
According to a report by the World Economic Forum (WEF), Deutsche Bank is reportedly in the process of setting up its digital asset custody service (on page 22, « Deutsche Bank Digital Asset Custody »).
The aim of this custody service is to support the promising future of crypto-assets, and to facilitate access to them for all, especially institutional investors:
« Over the next decade, tokenization is expected to become more widespread, and some analysts predict that this market could reach $24 trillion (…) Barriers to entry into this market are falling and institutional investors are beginning to take an interest in digital assets. As a result, the preservation of these crypto-assets will become a priority for investors, and custodians will have to adapt and support their clients. »
Definitely a crypto stock exchange made in Deutsche Bank?
In addition to this custody service, as the CoinDesk crypto-media service rightly points out, Deutsche Bank even wants to offer a platform for trading and issuing cryptomoney.
« To provide customers with the ability to buy and sell digital assets through a partnership with certified brokers, token issuers and cryptoexchanges to ensure seamless integration between platforms…. »
The ambition of the major German bank is to set up a genuine secure gateway between the crypto-actives sector on the one hand, and its customers’ traditional banking services in fiduciary currencies on the other.
According to the WEF document, Deutsche Bank has already completed the proof of concept for its new crypto service and is currently conducting a pilot test with initial interested institutional customers. A « viable » product could thus be available as early as 2021.
The final sticking points, which slow down these new generation crypto-banking services, are, as is often the case, regulatory compliance concerns. Fortunately for Deutsche Bank, the legislative framework on cryptomoney in Germany is much less hostile than in France.
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