Deutsche Bank announced on 11 November the launch of its digital asset custody (DAC) service, according to PANews, a Chinese-language outlet that cited a report by The Block. The move adds one of Europe’s large banks to the list of traditional institutions offering custody for crypto assets.
Under the service, clients can hold BTC, ETH, USDC, EURC and EURAU in custody with the bank and transfer them to other institutions, PANews reported, citing The Block.
Memorandum of understanding with DWS
Alongside the launch, Deutsche Bank and its asset manager DWS reportedly signed a memorandum of understanding. According to the report, the two will explore, on the DAC platform, custody, settlement, liquidity management and distribution arrangements for tokenized money market funds, crypto exchange-traded commodities (ETCs) and stablecoins.
DWS chief product officer Manfred Bauer said the company plans to launch a tokenized money market fund, as relayed by PANews citing The Block. The report does not say when such a fund could arrive.
As a measure of DWS’s scale, the report states that the asset manager had assets under management of 1.22 trillion euros as of 30 September.
What is not yet known
Several points remain unclear. The launch date and timeline of the planned tokenized money market fund have not been given, and the report does not identify which blockchains or technology partners underpin the DAC service. It is also not stated whether the service is limited to institutional clients or to specific jurisdictions.
The information comes from a single secondhand report, and no direct statement from Deutsche Bank or DWS was available in the material reviewed. Details may change once the companies publish their own announcements.
Sources
- panewslab.com PANews — 德意志银行与旗下DWS签署备忘录，拟探索代币化货币基金等产品 Accessed
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