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- Deutsche Bank strives to integrate digital assets in traditional banking facilities
- The Bank believes that cryptocurrencies may capture the mainstream in two years
- Institutions and Retail Investors have gradually shifted their interests to digital assets
- MasterCard, BNY Mellon, Tesla have adopted Bitcoin observing the World’s growing interest in digital assets
- Square, Grayscale, Microstrategy and Blackrock are also some major names that have bought into Bitcoin
In December 2020, the World Economic Forum published an overview of cryptocurrency use cases named Crypto: What Is It Good For. The West presents details from Deutsche Bank about a proof of concept for cryptocurrency custody. The report also demonstrates the Bank’s desire to expand its product offerings.
Deutsche Bank Introduces Digital Assets
The announced cryptocurrency custody is divided into four phases. The prime phase provides custody to institutional investors such as asset managers or wealth managers. The second phase will move beyond holding crypto to buy and sell via brokers and exchanges in the subsequent phases. Deutsche Bank will introduce their services surrounding core offerings from tax accounting to staking tokens on blockchain platforms. Then finally gravitating to trading and token granting.
Deutsche Bank Vision
Deutsche Bank is one of the largest banks worldwide and sixth-largest in Europe with assets worth $1.5 Trillion. According to the document, Deutsche Bank has successfully finished proof of concept and aims for a minimum viable product in 2021 while exploring global client interest.
Institutional Investors Board the Bitcoin Train
On February 12, BNY Mellon, The United State’s oldest Bank said it would start crypto payments on its network for their customers. It aims to take custody of Bitcoin, and other cryptocurrencies on behalf of asset manager companies. Furthermore, Microstrategy, Square and Tesla have started adopting BTC on their platforms.
The price of Bitcoin has soared above $45,000, a 1000% increase from 11 months ago. Significant Banks are quick in responding, to take advantage of increased institutional and retail interest in crypto. However, Deutsche Bank did not make any massive announcement of its objectives. The late-breaking news may continue to push the market upwards.
Market Overview
Bitcoin, the Brainchild of Satoshi Nakamoto has maintained its market dominance in cryptoverse for a very long time. It has reached a new mile stone of $48000 in the recent market sessions.
The founder of Ethereum, Vitalik Buterin, developed Ethereum to make blockchain accessible to the general public but the current gas fee on the network has made it difficult for the developers to trade. However, it is profitable for miners to sustain on Ethereum. The market is on a bull rally and so are numerous Ethereum killer coins.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
