German banking giant Deutsche Bank has applied for a license with the country\u2019s financial regulator BaFin to expand its revenue streams, as reported by Bloomberg.<\/p>\n
David Lynne, who runs the lender\u2019s commercial banking unit, told Bloomberg<\/a>: <\/p>\n We\u2019re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset license. <\/p>\n<\/blockquote>\n The move to the custody of digital assets, including cryptocurrencies, follows a similar move by the bank\u2019s investment arm, DWS Group.<\/p>\n DWS Group had expressed a desire to invest<\/a> in two crypto companies based in Germany. Deutsche Digital Assets, a provider of exchange-traded products for cryptocurrencies, and Tradias, a market maker, were among the companies in talks with DWS Group.<\/p>\n Deutsche Bank itself was interested in the digital asset sector, especially in 2021<\/a>, when the World Economic Forum report<\/a> came out, citing the bank, which was building a prototype, Deutsche Bank Digital Asset Custody, \u201ca fully integrated custody platform for institutional clients and their digital assets providing seamless connectivity to the broader cryptocurrency ecosystem.\u201d<\/p>\n Interestingly, Deutsche Bank\u2019s application for digital asset custody came just days after the world\u2019s largest asset manager, BlackRock, filed an application for spot Bitcoin ETF in the United States.<\/p>\n Related: BlackRock\u2019s unit iShares files for spot bitcoin ETF<\/a><\/p>\n In light of recent U.S. regulatory action targeting two of the largest existing exchanges (Coinbase and Binance), it wasn\u2019t difficult to raise suspicions about the timing of new product and application launches.<\/p>\n I’m sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #Bitcoin<\/a> ETFs, spot exchanges, etc. only a few days after the SEC drops a TRO on Binance and sues Coinbase\u2026 how can’t you think this entire past year was a giant inside job\u2026<\/p>\n \u2014 Preston Pysh (@PrestonPysh) June 20, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n Bitcoin price also reacted to the news, reaching its highest level this month, according to CoinMarketCap<\/a>. At the time of writing, bitcoin is trading at $28,901, up 11.50% in 7 days.<\/p>\n\n
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