Deutsche Bank launches crypto custody for Bitcoin, Ethereum, stablecoins

Deutsche Bank has launched its cryptocurrency custody service for paying institutional and corporate clients in Europe, allowing customers to store and transfer Bitcoin, Ethereum and selected stablecoins through the German banking group.

Summary

• Deutsche Bank has launched its crypto custody service for paying institutional and corporate clients in Europe.
• The service supports Bitcoin, Ethereum, USDC, EURC and EURAU, with the bank managing private keys.
• Deutsche Bank's MiCA registration dated October 12 covers cryptocurrency custody and transfer services.
• The bank plans to expand its digital asset custody operations into Asian financial centers during 2027.
• Deutsche Bank signed an agreement with its asset management business to explore further digital asset cooperation.

Reuters reported on November 11 that the service was operational, following its September announcement of plans to enter the digital asset custody market. The offering covers Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), EURC and EURAU, with Deutsche Bank managing digital wallets and private keys on behalf of clients.

Paul Maley, Deutsche Bank's global head of trust and securities services, said the bank intends to expand beyond custody into other blockchain-based financial services. "In the medium term we aim to deliver a fully integrated, regulated ecosystem that supports the custody, tokenisation, and settlement of digital assets," Maley said.

Deutsche Bank crypto custody service opens to institutional clients

Deutsche Bank's September announcement outlined plans to provide custody services to institutional investors, asset managers, hedge funds, brokers, corporations and sovereign institutions.

The service is now available to paying clients, although the bank has not publicly identified its first customers or disclosed the fees charged for holding digital assets.

Under the arrangement, Deutsche Bank handles the technology needed to store and transfer cryptocurrencies, including the management of clients' private keys. Customers can access the platform through the bank's Autobahn corporate banking system.

Its digital asset custody platform offers hardware-protected private key storage, warm and cold wallets, multiple approval controls and separate storage arrangements for client assets.

The bank previously explained that its infrastructure would use external technology providers for selected technical services. Deutsche Bank has worked with Swiss digital asset company Taurus since 2023 on custody and tokenization technology.

As crypto.news previously reported, the initial launch was subject to regulatory clearance and focused on clients of the bank's corporate and investment banking divisions.

Retail customers are not included in the initial service.

Deutsche Bank receives MiCA clearance as custody goes live

The launch follows Deutsche Bank's October 12 registration under the European Union's Markets in Crypto-Assets Regulation, known as MiCA.

Germany's financial regulator, BaFin, recorded the bank's permission to provide crypto asset custody and transfer services. Its entry appears in the European Securities and Markets Authority's MiCA register.

The bank can provide the registered services in Germany and serve eligible clients in other European markets through applicable cross-border arrangements.

Its current offering concentrates on storing and transferring digital assets. Cryptocurrency trading, exchange services and tokenized securities are not among the initial products listed on its custody website.

Deutsche Bank previously said future additions would depend on client demand, internal approvals and regulatory requirements.

In October, the bank provided further details about its planned custody service rollout, including how customers would access the platform and which assets would be supported.

The service initially covers five digital assets, with the possibility of introducing additional cryptocurrencies and tokenized financial instruments.

Deutsche Bank plans Asia expansion and new digital asset services

Beyond Europe, Deutsche Bank plans to bring its cryptocurrency custody business to major Asian financial centers in 2027.

Gerald Podobnik, co-head of the bank's corporate banking division, outlined the expansion plans in October, linking the initiative to growing institutional demand for digital assets and blockchain-based financial services.

The planned rollout includes services for exchanging traditional currencies into stablecoins, tokenized deposits and support for issuing digital bonds.

Podobnik previously said blockchain services would complement the bank's existing financial operations.

The expansion forms part of Deutsche Bank's corporate banking growth strategy, which targets approximately 8% compound annual revenue growth between 2025 and 2028.

On November 11, the lender announced a memorandum of understanding with Deutsche Asset Management, formerly known as DWS, to explore commercial and technical cooperation involving digital assets.

The agreement covers potential collaboration between the bank's custody business and its asset management operations, although specific products and launch dates have not been announced.

European banks expand crypto custody and stablecoin services

Deutsche Bank joins several established financial institutions providing cryptocurrency custody as banks develop services for institutional clients.

BNY has expanded its digital asset custody activities through a partnership with Ripple, supporting institutional custody of XRP and Ripple's RLUSD stablecoin.

Other financial institutions, including State Street, have developed digital asset custody infrastructure, while specialist providers such as BitGo and Anchorage Digital offer cryptocurrency custody services to institutional customers.

Deutsche Bank's launch comes one day after reports that Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank were among financial institutions backing a new stablecoin venture with approximately $270 million in committed funding.

The proposed venture involves 21 financial institutions and is targeting the launch of a US dollar stablecoin in the first half of 2027.

The consortium plans to begin with dollar-denominated tokens before considering a euro stablecoin, with funding intended to cover its first five years of operations.