- Bank has applied to Germany’s Federal Financial Supervisory Authority
- This move is part of a strategy to boost fee income at Deutsche Bank
German bank Deutsche Bank AG announced it has applied for approval from the local regulator to provide digital asset custody services.
David Lynn, who heads the lender’s commercial banking division, said:
“We are actively expanding our digital asset and custody business. We recently applied to Bafin for a digital asset license.”
He said the move is part of a broader strategy to boost fee income at Deutsche Bank’s corporate bank. It also reflects efforts by Deutsche Bank’s investment arm, DWS Group, to increase revenue from digital asset offerings.
In late 2020, Deutsche Bank’s corporate banking division first outlined plans to introduce custodial storage of digital assets, but did not specify when the service would launch. At the time, Stephan Hoopes was head of the division, but Lynn had only taken over his position a year earlier.
The bank itself has a positive stance on Bitcoin. Earlier this year, a company analyst said Bitcoin could potentially become the digital gold of the 21st century.