Deutsche Bank Partners with Swiss Firm to Offer Crypto Custody Despite Struggling Crypto Market

Deutsche Bank has partnered with Swiss crypto firm Taurus to offer crypto custody services to institutional clients. This will allow Deutsche Bank to hold some cryptocurrencies for clients for the first time.
The bank does not have plans to offer crypto trading yet, despite previously stating interest in 2020.
Crypto markets continue to struggle after major collapses last year. However, financial firms are still exploring blockchain for traditional assets.
Several other major banks already offer crypto custody, as the space is expected to be valued in the trillions.
Deutsche Bank says they are proceeding cautiously to avoid risks and comply with regulations around digital assets.

reuters.com

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9/15/2023

Crypto Market Moves Higher as Altcoins Rally, SEC Probes Binance.US, Deutsche Bank Enters Crypto Custody

Bitcoin's rise may lead to leverage liquidations and price rallies for shorted alternative cryptocurrencies like Solana, while upbeat Chinese data signals continued gains for leading cryptocurrencies like Bitcoin Cash, Maker DAO's MKR, XRP, Ether, SOL, Tron's TRX, and Dogecoin. Binance.US faces accusations of non-cooperation in a probe by the Securities and Exchange Commission, and Deutsche Bank is partnering with Taurus for cryptocurrency custody and tokenization services.