Planned Cryptocurrency Storage Services Set for 2026
Deutsche Bank, a global financial services provider managing around 900 billion US dollars in assets, is set to offer Bitcoin and cryptocurrency custody services to its clients by 2026. This move, according to sources familiar with the matter, comes after the bank received its crypto custody license from the Federal Financial Supervisory Authority (BaFin) by the end of 2023.
Deutsche Bank's foray into the cryptocurrency market was first announced in 2022, and since then, the bank has been cooperating with the Swiss company Taurus to custody crypto assets for institutional investors since September 2023. The bank applied for a crypto custody license from BaFin in summer 2023.
The move by Deutsche Bank is part of a broader trend of financial institutions opening up to the cryptocurrency market. Bitcoin, the leading cryptocurrency, is gaining legitimacy, with more institutions recognising its potential. Bitcoin spot ETFs have become tradable by asset managers like BlackRock and Fidelity in the US.
JPMorgan, led by Bitcoin critic Jamie Dimon, is also planning to enter the cryptocurrency market. Meanwhile, DZ Bank, another German financial institution, is working to launch services for the custody and trading of cryptocurrencies.
The offering of Bitcoin and crypto trading by Deutsche Bank and DZ Bank allows more people access to an asset with high returns in recent years. Sparkassen, a network of regional banks in Germany, will also enable their customers to trade Bitcoin and other cryptocurrencies in the coming months. The management overseeing the introduction of Bitcoin and other cryptocurrencies at Sparkassen is the DekaBank, a wholly owned subsidiary of the Sparkassen-Finanzgruppe. This service rollout is expected by summer 2026.
The advancement of Bitcoin adoption is leading to established institutions like Deutsche Bank, DZ Bank, and Sparkassen entering the cryptocurrency market. This trend is a significant step towards mainstream acceptance of cryptocurrencies.
For those interested in learning more about Bitcoin, Tristan, the editor-in-chief at Blocktrainer.de, has a background in economics and journalism. Tristan has been actively involved with Bitcoin since 2020 and has an interest in libertarian economic theory. A guide for beginners on how to make their first Bitcoin purchase is available at First Bitcoin Purchase in 5 Steps: A Guide for Beginners. Tristan's articles can be found on Blocktrainer.de.
The United States has also established a strategic Bitcoin reserve. As the cryptocurrency market continues to evolve, it will be interesting to see how these developments unfold.
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