Through its platform the German bank will offer custody, trading and loans.
Deustche Bank’s comprehensive platform was featured in the World Economic Forum report.
Deutsche Bank, Germany’s largest bank, made public its plans to offer a cryptocurrency custody and trading service, through the World Economic Forum (WEF) report, published in December 2020.
On page 23 of the report, the German bank provides all the information about the plan it has to throw a comprehensive platform, where one of the functions will be safeguard cryptocurrencies institutional clients. The document details the proposed objectives for this project and the stages in which the platform will be launched.
Deutsche Bank, in addition to the custody service, will offer within this platform loans, voting services, valuation and tax quotation. Also, the possibility of buy and sell cryptocurrencies in a safe way. The latter through specific stock brokers and issuers.
The platform that will handle both cryptocurrencies and fiat money in a single space, aims to serve as a bridge between the traditional and digital world, while providing its customers with easy accessibility and high security where the processes of KYC (Know your client or in Spanish: Meet your client), AML (Anti-money laudering, also called prevention of money laundering), compliance, liquidation, among others.
Regarding the launch of the platform, as mentioned above, it will consist of different stages, specifically four. In the World Economic Forum report they are presented as follows:
• Provide custody of secured and approved digital assets, on behalf of institutional investors such as asset managers, wealth managers, family offices, corporations and digital funds.
• Provide clients with the ability to buy and sell digital assets through a partnership with major brokers, issuers, and exchange houses to build seamless cross-platform integration.
• Provide value-added services such as taxes and valuation, and administration funds, loans, participation and voting; and provide an open banking platform to allow the incorporation of external providers.
• Provide emission and trading capabilities.
The bank project completed the stage of proof of concept (PoC), so the platform is expected to be launched this year. The German bank thus seeks to help its users with their investments, while at the same time integrates into the digital economic system, which every day has more presence both in companies and in ordinary citizens.
Other banks have joined the initiative to create a custody service, they are New York Mellon, the oldest bank in the United States, whose announcement was reviewed by CriptoNoticias last week, and Citibank, who had already been exploring this possibility for two years.