Deutsche Bank has quiet plans to offer cryptocurrency, prime brokerage
The bank's game plan was hidden in a largely overlooked report from the World Economic Forum.
Deutsche Bank has joined the growing ranks of leading financial institutions exploring cryptocurrency custody, with assets providing cutting edge services to hedge funds investing in asset classes.
Deutsche Bank Digital Asset Custody Prototype aims to develop a fully integrated 'delivery platform' to provide seamless connectivity to larger cryptocurrency ecosystems for institutional clients and their digital assets, ”said an Economic Forum member Global According to reports, the annual host meets Muckety Mucks in Davos, Switzerland.
In a section buried on page 23 of the December 2020 report, Germany's largest bank says it wants to replenish digital assets with traditional banking services and easily manage the delivery of digital assets and trust funds., Intended for creating a commercial and token issue. Platform. Platform used.
Earlier this week, the big banks, along with the world's largest supervisory bank, the Bank of New York Mellon, announced plans to go into corrupt custody almost daily.
US banks have received a formal explanation, thanks to last year's comment letters from the Office of the Comptroller of the Currency. In Germany, companies are lining up to get their hands on a special cryptocurrency license from the country's regulator, Baffin.
Deutsche, the 21st largest bank in the world, said its goal was to "ensure the security and receipt of assets for clients by providing institutional-grade / cold storage solutions with assurance grade protection.". No specific cryptocurrency or token is mentioned.
The digital asset transfer platform will be launched in stages. This will eventually allow clients to buy and sell digital assets through a partnership with blue-chip brokers (who act as custodians of hedge funds), issuers, and check exchanges.
The bank says it will also provide value-added services such as tax, fund valuation and administration, lending, stacking and voting, as well as an open banking platform for allow third-party suppliers to deliver. "
The bank said the service will be aimed at asset managers, wealth managers, family offices, businesses, and digital funds.
He said that in the case of a business model, the bank would start charging holding fees and then charging fees for tokenization and trading.
Deutsche said it has completed a concept demo and is working towards getting the least viable product in 2021, while also researching global customer interest in the pilot initiative.
The bank's press office could not be reached for comment on Friday evening. A spokesperson declined to comment on possible digital asset retention business plans when contacted.
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