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- Deutsche Bank announces the launch of a digital asset custody and trading network
- The bank forecasts that the market is likely to develop up to $24 trillion
- The platform will focus on making the user experience simple
Deutsche Bank, one of Europe’s biggest banks, is all set to launch a digital asset custody and trading network. It declared its prediction that the sector will rise to $24 trillion in the coming future. Thus, the custody solutions will develop into a critical service.
Deutsche Bank’s announcement through December report
The German bank revealed the same through the World Economic Forum’s December report. The declaration did not receive much attention back then because it was hidden deep inside.
Cryptocurrency news platform CoinDesk discovered it recently. It stated that Deutsche entered into the space of cryptocurrencies way before giant companies as Tesla did.
The report outlines that, as of now, the tokenized versions of conventional assets value $5 billion only. The bank forecasts that the market is likely to develop up to $24 trillion. This will ensure that cryptocurrency custody solutions are preferably sought-after facilities.
The bank, largest in Germany, wishes to launch a safely connected bridge between crypto assets and conventional banking services. It will facilitate the users with the ability to handle their digital assets and fiat holdings on one network. It is planning to ensure the security of the digital assets through a firm-grade storage solution.
The four stages of digital asset custody platform
Deutsche will introduce the digital asset custody platform in multiple stages. In the first, it will facilitate institutional investors with the charge for vetted crypto assets. The list incorporates family offices, asset managers, and many more.
In the second stage, it will provide the facility of purchase and sale of digital assets to the clients. For the same, the bank will collaborate with chief brokers and selected exchanges. The third phase will observe the bank offer value-added facilities like taxation, staking and voting, and various others. It will also create an open-banking platform to ensure the on-boarding of third-party facility providers. In the final one, it will provide the users with issuance and trading capabilities.
As the report stated, Deutsche wishes to establish the platform as a one-stop-shop for all its users’ digital assets requirements. It explained that the platform will consist of a full entourage of regulated banking facilities, involving KYC/AML, compliance, and more. The bank is ready with its proof of scheme and aims to launch the product this year.
Deutsche Bank, thus, will support the users to prioritize what’s significant. This platform will simplify the user experience and design execution as a mode of creating a differentiated output.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
