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- 1 Germany’s banking giant filed an application to become crypto custody provider.
- 2 Deutsche Bank stock slipped over -5.26% in a week and over 4% in a month.
Massive adoption of crypto has been a hot topic for global financial enthusiasts since last few years dozens of traditional services providers have entered the industry as they claim crypto as the future of the traditional banking system.
Deutsche Bank, one of the most popular financial giants, revealed that it has filed the application to become a crypto custody provider. According to Bloomberg the bank filed the application on Tuesday June 20 2023.
If Deutsche Bank gains the approval then it will be able to hold the cryptocurrencies of individual and institutional investors. As per the closest source the move to file for crypto custody service is to expand the existence of financial institutions in the crypto industry.
People familiar with the matter also claim that the bank’s plan to enter the crypto industry was initiated in 2022 but the bank did not reveal it in any events. Earlier this week Blackrock Inc also filed for Bitcoin ETF in alliance with Coinbase the leading cryptocurrency exchange.
In April 2023 one of the asset management arm of Deutsche Bank DWS collaborated with Galaxy Digital to launch an exchange- traded product (ETPs). At the same time, the stock of Deutsche Bank lost 0.60% but it is claimed that price might have surged by the closing of the trading session.
Since the past one week Deutsche Bank stock slipped over -5.26% and -4.32% and technical levels of the stock indicate strong selling. Market analysts believe that the ongoing movement of stock suggests buying more stocks.
In Q1 2023 Deutsche Bank reported 2.58% more revenue compared to the estimated figures. Major source of revenue of Deutsche Bank is investment bank, private bank, Corporate bank and asset management.
The biggest financial giant of Germany offers its services in the United States, Great Britain, Italy, Luxembourg, Singapore, Spain and major regions in Asia pacific.
Factors Attracting Banking Players Towards Crypto
The blockchain technology has made a majority of contribution in the crypto industry modernization. The technology first came into mainstream when the leader of all crypto assets Bitcoin came into existence.
At the mean-time crypto industry is seen as the subsite of the traditional banking system and it is claimed that the industry might soon bypass the banking system and acquire its position.
Crypto is popular for its decentralization and animosity factor, as we know that transferring money in cryptocurrency is known as the safest way to send money without getting tracked.
In the last few months popularity of crypto has been defamed by the unprecedented events that occured like FTX demise and LUNA collapse. These two events collectively wiped out Billions of dollars in just 48-78 hours.
Many claim that FTX and LUNA founders were pre-aware that the ecosystems will be collapsing soon and haven’t taken any necessary steps to bail it from trouble.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
