A World Economic Forum report is unveiling Deutsche Bank’s plans to introduce a digital asset custody platform that provides prime brokerage and storage for clients.
In a recently published document, the bank states that it plans to build a platform that integrates cryptocurrencies and digital asset programs with conventional banking.
“Deutsche Bank aims to develop a fully integrated custody platform for institutional clients and their digital assets providing seamless connectivity to the
broader cryptocurrency ecosystem:
– Introduce a secure connected bridge between digital assets and a customer’s traditional banking services
– Manage the array of digital assets and fiat holdings in one easy-to-use platform, and create the gateway for value added services either supplied by the custodian or via third-party providers
– Ensure the safety and accessibility of assets for clients by offering an institutional-grade hot/cold storage solution with insurance-grade protection.”
According to the report, the digital asset custody platform is targeting institutional clients as the bank expects the tokenization of traditional assets such as bonds and real estate to explode from $5 billion today to $24 trillion in the next 10 years.
The Frankfurt-based bank is one of the many large financial corporations that have been jumping into the crypto bandwagon of late.
Earlier this week, Bank of New York Mellon announced that they will soon offer support for crypto assets.
You can read the full report here.
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