Deutsche Bank’s digital asset custody service is now live after getting the nod from BaFin. As flagged in September, it covers Bitcoin, Ether and three stablecoins, USDC, EURC and EURAU, with tokenized financial instruments coming later. Custody is currently available for Corporate Bank and Investment Bank clients including asset managers, hedge funds, brokers and sovereign institutions.
Alongside the launch the bank signed a memorandum of understanding with Deutsche Asset Management, the majority owned asset manager that transitioned from DWS branding this month. The two will explore “comprehensive commercial and technical collaboration opportunities” in digital assets. The wording is deliberately broad, but the pieces already in place suggest a direction.
Deutsche Asset Management is a joint venture partner in AllUnity, the issuer of the EURAU stablecoin, which the bank now custodies. Its executives have recently discussed tokenized money market funds as a way for stablecoin holders to earn a yield. Once custody for tokenized instruments goes live, the group would have stablecoin issuance, a yield bearing tokenized fund and regulated custody all sitting inside one group.
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