German Deutsche Bank is latest amongst the large financial institutions exploring digital asset custody and trading facility.
In fact, the bank crypto asset planning was already mentioned in the inaugural cryptocurrency report by the World Economic Forum and its first cryptocurrency focused global council. But, the ‘Deutsche Bank Digital Asset Custody’ project got overlooked by the wider blockchain media.
The WEF report titled “Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases“ covered the Deutsche Bank project on page no. 23 of the December 2020 report.
As per the report, “Deutsche Bank Digital Asset Custody” project 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
The report also mentioned bank has completed its proof of concept and is aiming for a minimum viable product (MVP) in 2021 while exploring global client interest for a pilot initiative.