Home NewsBitcoin News

Follow us on Twitter or join our Telegram

Germany’s Biggest Bank Talked the Talk, Now it Walks the Crypto Walk

Germany’s Biggest Bank Talked the Talk, Now it Walks the Crypto Walk 101
Source: Adobe/strangeways70

Deutsche Bank has gone low-key with its crypto intentions, but after months of crypto-positalk, the bank – Germany’s biggest with assets of almost USD 1.8 trillion – has taken the plunge into crypto custody.

It's not a surprising move as the bank’s analysts have been making bullish remarks on bitcoin (BTC) in recent months, and have called fiat a monetary “fad.” Back in 2019, the bank warned that fiat was wobbling, and called crypto’s rise “inevitable.”

And while Deutsche Bank refrained from making a big public announcement, it appears to have come good on its talk as early as last year – although few have noticed until media reports this weekend picked up on a World Economic Forum originally published in December 2020. Named Crypto, What Is it Good for?: An Overview of Cryptocurrency Use Cases, the report featured a section called Deutsche Bank Digital Asset Custody.

The authors wrote that the bank envisages creating a “secure connected bridge between digital assets and a customer’s traditional banking services,” and allow customers to access their “digital assets and fiat holdings in one easy-to-use platform.”

And like many other international banks of late, the report noted that the bank is hoping to “offer an institutional-grade” hot and cold wallet “storage solution” featuring “insurance-grade protection.”

The authors added that initial technical work on the project was already done, and added that an international test was now in the pipelines – with a rollout possible as early as this year.

They concluded,

“The bank has completed its proof of concept and is aiming for a minimum viable product in 2021 while exploring global client interest for a pilot initiative.”

Learn more:
- Cash Still a Top Hedge Pick, but Digital Winning Payments War – Bank Strategist
- Deutsche Bank Strategist Bullish on Bitcoin, But JPMorgan Boss Still Unmoved
- Fiat Will Be a Passing Fad In the History of Money - Deutsche Bank Strategist
- Deutsche Bank: Fiat Money is Fragile, Crypto - Inevitable
- America's Oldest Bank, BNY Mellon, Goes Bitcoin

Follow us on Twitter or join our Telegram

More Stories