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Deutsche Bank (DB) Files for German Crypto Custody License
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Deutsche Bank AG (DB - Free Report) has applied to get a regulatory nod to operate as a crypto custodian in Germany. The development was first reported by Bloomberg.
“I can confirm that we applied for the BaFin license for crypto custody,” per a Deutsche Bank spokesperson, as cited in a related CoinDesk article.The Federal Financial Supervisory Authority, or BaFin, is the financial regulatory authority for Germany.
At a conference on Jun 20, David Lynne, head of DB’s corporate bank unit, noted, “We’re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset license.”
Specifically, Deutsche Bank’s application for a digital asset license to BaFin indicates a broader strategy to boost fee revenues for its corporate bank unit. It is also in with its subsidiary asset management firm DWS’ efforts to increase income through digital asset-related offerings. Amid the low crypto prices, the bank’s efforts to get more involved in the digital asset space seem opportunistic.
DWS reportedly was in negotiations to acquire a minority stake in two crypto companies — trading firm Tradias and Deutsche Digital Assets, a provider of exchange-traded products.
If approved, the license will likely allow the German lender to offer cryptocurrency custody services like secure storage and management of digital assets on behalf of institutional and individual investors.
Over the past year, shares of DB have edged down 0.2% on the NYSE against the industry’s 13% rise.
The move came just days after BlackRock, Inc. (BLK - Free Report) filed an application with the U.S. Securities and Exchange Commission (“SEC”) to offer a spot bitcoin exchange traded fund (“ETF”). Per the filing, the fund will be called iShares Bitcoin Trust and use Coinbase Custody as its custodian.
If BLK’s application receives approval, the fund will become the first publicly traded spot bitcoin ETF in the United States.
WisdomTree, Inc. (WT - Free Report) has also filed an application with the SEC to start a spot bitcoin ETF. Per the filing, the fund will be listed on the Cboe BZX Exchange under the ticker BTCW.
In October 2022, WT’s application for the launch of The WisdomTree Bitcoin Trust was not approved by the SEC on account of insufficient investor protection.
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Deutsche Bank (DB) Files for German Crypto Custody License
Deutsche Bank AG (DB - Free Report) has applied to get a regulatory nod to operate as a crypto custodian in Germany. The development was first reported by Bloomberg.
“I can confirm that we applied for the BaFin license for crypto custody,” per a Deutsche Bank spokesperson, as cited in a related CoinDesk article.The Federal Financial Supervisory Authority, or BaFin, is the financial regulatory authority for Germany.
At a conference on Jun 20, David Lynne, head of DB’s corporate bank unit, noted, “We’re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset license.”
Specifically, Deutsche Bank’s application for a digital asset license to BaFin indicates a broader strategy to boost fee revenues for its corporate bank unit. It is also in with its subsidiary asset management firm DWS’ efforts to increase income through digital asset-related offerings. Amid the low crypto prices, the bank’s efforts to get more involved in the digital asset space seem opportunistic.
DWS reportedly was in negotiations to acquire a minority stake in two crypto companies — trading firm Tradias and Deutsche Digital Assets, a provider of exchange-traded products.
If approved, the license will likely allow the German lender to offer cryptocurrency custody services like secure storage and management of digital assets on behalf of institutional and individual investors.
Over the past year, shares of DB have edged down 0.2% on the NYSE against the industry’s 13% rise.
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Currently, DB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The move came just days after BlackRock, Inc. (BLK - Free Report) filed an application with the U.S. Securities and Exchange Commission (“SEC”) to offer a spot bitcoin exchange traded fund (“ETF”). Per the filing, the fund will be called iShares Bitcoin Trust and use Coinbase Custody as its custodian.
If BLK’s application receives approval, the fund will become the first publicly traded spot bitcoin ETF in the United States.
WisdomTree, Inc. (WT - Free Report) has also filed an application with the SEC to start a spot bitcoin ETF. Per the filing, the fund will be listed on the Cboe BZX Exchange under the ticker BTCW.
In October 2022, WT’s application for the launch of The WisdomTree Bitcoin Trust was not approved by the SEC on account of insufficient investor protection.