Germany's largest bank, Deutsche Bank, is working on its own cryptocurrency custodian, according to a report by the World Economic Forum. The Deutsche Bank Digital Asset Custody is currently in a proof of concept status.
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The German bank reportedly wants to develop a"fully integrated custody platform for institutional clients and their digital assets." Deutsche Bank plans not only provide custodian services, but also integrate the buy and sell feature of cryptocurrencies through a partnership with prime brokers. The bank will charge custody, tokenization, and trading fees.
Once the custodian is launched, the bank will add support for taxation, lending, staking and voting. Earlier in February, Deutsche Bank issued a report, in which forecasted the continuation of using cryptocurrencies for payments. According to the German bank, energy consumption "could hinder widespread use of cryptocurrencies and create negative press."
The bank sees relatively low transaction speed for most cryptocurrencies compared to card providers so far.
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