€1.3 Trillion Deutsche Bank To Offer Bitcoin and Crypto Custody For Institutions

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Accord­ing to a report by Reuters, Ger­man bank­ing giant Deutsche Bank has part­nered with Swiss cryp­tocur­ren­cy firm Tau­rus to offer Bit­coin and cryp­to cus­tody and oth­er relat­ed ser­vices to its insti­tu­tion­al clients.

“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,” said Deutsche Bank’s glob­al head of secu­ri­ties ser­vices, Paul Maley. “Our focus is not just on cryp­tocur­ren­cies, but sup­port­ing our clients in the over­all dig­i­tal assets ecosystem.”

The announce­ment also comes at a time when reg­u­la­to­ry clar­i­ty around the indus­try is improv­ing. Gov­ern­ments and finan­cial reg­u­la­tors world­wide have been work­ing to estab­lish clear guide­lines for the use and trad­ing of dig­i­tal assets.

Accord­ing to the report, Deutsche Bank is pro­ceed­ing “cau­tious­ly and in line with the spir­it and the let­ter of the reg­u­la­tions gov­ern­ing this asset class.” Maley went on to fur­ther explain that “Our prod­uct design, and the nature of cus­tody for clients, will make sure that there isn’t the risk of con­t­a­m­i­nat­ing the bank’s oth­er activities.”

Bit­coin con­tin­ues to gain momen­tum and recog­ni­tion as a legit­i­mate asset class, with the asset becom­ing a very attrac­tive invest­ment option for hedge funds, fam­i­ly offices, and oth­er insti­tu­tion­al investors. Deutsche Bank’s deci­sion to enter this mar­ket is seen as a strate­gic move to cap­ture a share of this bur­geon­ing market.

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