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Deutsche Bank has launched its Digital Asset Custody service, enabling corporate and institutional clients to hold and transfer digital assets while the bank manages their wallets and private keys. The bank previously named Bitcoin, Ether, USDC, EURC and EURAU among the assets planned for custody across Europe.
The launch comes alongside a memorandum of understanding with Deutsche Asset Management, which reported €1.22 trillion ($1.36 trillion) in assets under management as of Sept. 30. The firms will explore tokenized money market funds, crypto-asset exchange-traded commodities and stablecoins.
Why it matters
The custody service gives institutional customers a way to hold digital assets with Deutsche Bank, while the agreement opens the door to using the platform for custody, settlement, liquidity management, treasury and distribution. Deutsche Asset Management said it plans to launch a tokenized money market fund.
Deutsche Bank partnered with Taurus in 2023 to develop custody and tokenization services. Its custody system uses warm and cold storage, hardware-based protection for private keys and transaction approvals involving multiple people.
Market impact
The launch adds a major European bank to the institutions offering digital asset custody. The agreement also links that infrastructure to potential tokenized investment products, although it is an agreement to explore their development rather than an announcement that those products are live.
Deutsche Asset Management already offers crypto-asset exchange-traded commodities and participates in AllUnity, a stablecoin venture backed by DWS, Flow Traders and Galaxy.
Frequently asked questions
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Who can use Deutsche Bank's digital asset custody service?
The service is intended for corporate and institutional clients. Deutsche Bank manages their wallets and private keys and enables them to transfer assets.
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Which assets did Deutsche Bank name for its European custody plans?
The bank previously named Bitcoin, Ether, USDC, EURC and EURAU among the assets planned for custody across Europe.
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How does Deutsche Bank protect assets in custody?
Its system uses warm and cold storage, hardware-based protection for private keys and transaction approvals involving multiple people.
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What products will Deutsche Bank and Deutsche Asset Management explore?
Their agreement covers tokenized money market funds, crypto-asset exchange-traded commodities and stablecoins. Deutsche Asset Management also said it plans to launch a tokenized money market fund.
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How large is Deutsche Asset Management?
Deutsche Asset Management reported €1.22 trillion, or $1.36 trillion, in assets under management as of Sept. 30.
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