Per a report from London-based news publication Reuters, Germany’s largest bank Deutsche has partnered with Swiss crypto firm Taurus to offer custody services for cryptocurrencies and ‘tokenised assets’.
The landmark deal will enable the banking giant to hold a limited number of (TBA) cryptocurrencies for its institutional clients, as well as tokenised versions of traditional financial assets- however, of course, we can expect Bitcoin to be on such list.
In speaking on the endeavour, the bank’s global head of securities services Paul Maley had this to say:
"As the digital asset space is expected to encompass trillions of dollars of assets, it's bound to be seen as one of the priorities for investors and corporations alike. Our focus is not just on cryptocurrencies, but supporting our clients in the overall digital assets ecosystem”.
With regulatory clarity gradually making its way across the DeFi space, Maley also added that Deutsche is proceeding "cautiously and in line with the spirit and the letter of the regulations governing this asset class”.
However, that being said, only time will tell whether this statement is more geared towards the US and its Securities and Exchange Committees’s (SEC) crypto crackdown stance.
In making assurances to its 27.5 million international clients, Deutsch also made it clear that it intends for there to be no “risk of contaminating the bank’s other activities”.
As you may have guessed, Deutsche’s big-money move towards crypto is monumental in the fact that the DeFi doors have now been opened to the bank’s €1.3 trillion total assets and €821 billion assets under management.
Intuitively, with Deutsche now standing alongside the likes of BNY Mellon, Standard Chartered, and Societe Generale when it comes to major banks offering crypto custodial services, this is nothing but bullish news for Bitcoin and its journey towards becoming a ‘household asset’ (as well as crypto in general).
The partnership also assimilates the recent deal between Mirae Asset Securities and Polygon, which saw the finance house’s $500 billion assets under management be inaugurated into the world of blockchain tokenisation.
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This article is intended for educational purposes and is not financial advice.
