Deutsche Bank confirmed to Reuters on November 11 that its crypto custody service is live with paying institutional and corporate clients, ending a wait that stretched back to its BaFin license application in June 2023. The German lender has not disclosed client numbers, assets under custody, or revenue, and its product page still displayed pre-launch wording at the time of reporting. The service covers safekeeping and third-party transfers for eligible clients in Europe, with the bank managing wallets and private keys under MiCA rules.
At launch, the custody desk supports Bitcoin (BTC), Ether (ETH), and the stablecoins/e-money tokens USDC, EURC, and EURAU. The bank said crypto-assets held in custody are outside deposit-guarantee protection, meaning clients retain full price risk while custody risk shifts to the regulated entity. Corporate Bank Co-Head Gerald Podobnik framed digital assets as complements to traditional finance, while global securities services head Paul Maley described a medium-term ambition for a fully integrated, regulated ecosystem covering custody, tokenisation, and settlement.
The MiCA register entry is broader than the September announcement: Deutsche Bank AG appears with custody and transfer permissions passported across all 30 EEA states, with BaFin as competent authority. The infrastructure was built with technology partners Taurus and Bitpanda, and the bank signed a memorandum of understanding with Deutsche Asset Management, formerly DWS, to explore commercial and technical collaboration. The launch follows moves by Goldman Sachs, Citi, PNC, and Standard Chartered in digital asset services, underscoring growing institutional adoption, though the bank has not yet shown whether custody balances represent new buying demand or merely a shift in custody share.
