Deutsche Bank, one of the largest banks in Germany and Europe, has applied for permission to act as a depository for cryptocurrencies.
David Lynne, Head of Corporate Bank and Member of Group Management Committee, confirmed that Deutsche Bank has applied to the German Federal Financial Supervisory Authority (BaFin) for a digital asset license.
The license will allow the bank to increase commission income from Deutsche Bank's corporate banking business. The digital asset custody platform aims to offer users a wide range of services, including the buying and selling of these assets through prime brokers.
Deutsche Bank has shown its interest in cryptocurrencies for years. The bank has published several forecasts and analyzes for major cryptocurrencies. It has also indicated that it plans to offer custody of digital assets to clients in late 2020, but the company has not indicated when it plans to launch the service at this time.