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Deutsche Bank quietly plans to offer cryptocurrency, prime brokerage-kindesk

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Deutsche Bank has joined the growing ranks of large financial institutions exploring cryptocurrency custody with a desire to provide high-touch services to hedge funds in investor funds in the asset class.

The Deutsche Bank Digital Asset Custody prototype aims to “create a fully integrated liability platform for companies to provide seamless connectivity to clients and their digital assets across a wide range of cryptocurrency ecosystems.” A glance report from the World Economic Forum, Organizer of Mukti-Max’s annual gathering in Davos, Switzerland.

In a passage buried on page 23 of its December 2020 report, Germany’s largest bank said it plans to create a trading and token issuing platform, bridge digital assets with traditional banking services, and facilitate the management of digital assets and fiat holdings. -Use platform.

Big banks are now announcing plans to enter crypto custody on an almost daily basis, with the world’s largest lending bank, Bank of New York Mellon, joining the group earlier this week.

US banks were thanked for some regulatory transparency for the past year Explained letters From the office of the regulator of currency. In Germany, companies are in Qatar to get their hands on a special crypto custody license from the country’s regulator, Baffin.

Deutsche, the world 21st largest bank, “Ensuring asset protection and accessibility for clients by providing an institutional-grade hot / cold storage solution with insurance-grade protection” “does not specify any specific cryptocurrency or token.

The Digital Assets Custody Platform will be launched in phases. This will ultimately give the client the ability to buy and sell digital assets through partnerships with major brokers (which act as a building block for hedge funds), through issuers and tested exchanges.

The bank said it would provide an open-banking platform to allow value-added services such as tax, valuation services and fund administration, nding, stacking and voting and third party providers to run boarding.

The property will be managed by the asset director, asset director, family office, corporation and digital funds, the bank said.

As a business model, the bank will start collecting deposit fees, it said, after which fees are taken for tokenization and business.

Deutsche said it had completed a proof of concept and was looking for a minimum viable product by 2021 in a pilot venture to explore global client interest.

The bank’s press office could not be reached for comment on Friday evening. When contacted by Kindesk last week, a spokesman declined to comment on the possible plans for the digital asset custody business.

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