Deutsche Bank is preparing to launch its digital asset custody services in Germany. The bank expects to receive regulatory approval under the Markets in Crypto-Assets Regulations (MiCA) in October, following authorization from the German Federal Financial Supervisory Authority (BaFin).
The service will initially support Bitcoin, Ether, and specific stablecoins, including Circle USDC, EURC, and AllUnity EUR. This initiative is part of the bank's broader strategy to expand its digital asset custody offerings into Asian financial centers by 2027.
According to Gerald Podobnik, co-head of the corporate bank, the expansion is driven by the growth of the digital asset economy and the significant volume of capital held in stablecoins. The move supports the bank's goal of achieving 8% compound annual growth in corporate banking by 2028.
Deutsche Bank has been developing its infrastructure for these services since September 2023, when it established a partnership with the cryptocurrency platform Taurus. The bank has not yet specified which Asian financial hubs will be the primary targets for its expansion.
