Deutsche Bank has applied for a license to store cryptocurrency

The German financial conglomerate Deutsche Bank has submitted an application to Bafin, the local securities market regulator, to obtain a license as a provider of digital asset custody services, including cryptocurrencies. This step is part of the strategy to increase commission revenues in the corporate bank, according to Bloomberg.

"We are developing our digital assets and custody business. Accordingly, we have already submitted an application to Bafin," said David Lynn, who heads the creditor's commercial banking division, at a conference on Tuesday.

According to David Lynn, the bank plans to expand in the area of digital assets and custody business. The license is needed by the bank to increase commission revenues in the corporate business, the company explains. This reflects the efforts of Deutsche Bank's investment division, DWS Group, to increase revenues from offerings related to digital assets.

Deutsche Bank first hinted at plans to introduce digital asset custody in late 2020. However, they did not specify when this service would be provided.

Further plans to develop the crypto direction at Deutsche Bank were announced in February. It was reported at that time that the asset management group of the German banking giant, Deutsche Bank AG, was in talks to invest in two German cryptocurrency companies—Deutsche Digital Assets and Tradias.

The plans to invest in crypto firms align with the bank's roadmap, according to which Deutsche Bank will place its products on the blockchain with the possibility of creating a euro-based stablecoin.

Deutsche Bank is a global financial company and the largest banking conglomerate in Germany, headquartered in Frankfurt. It is one of the largest banks in Europe and the world. Founded in 1870, it includes commercial, mortgage, and investment institutions, leasing companies, and more. The bank has 28 million clients, over 2,814 branches (1,845 of which are in Germany), numerous subsidiaries, branches, and representations abroad (in over 70 countries, including Ukraine). It is the largest participant in the foreign exchange market, attaches great importance to investment activities and the issuance of its own securities. The bank employs over 100,000 people.