According to a Bloomberg report, the German bank has applied for regulatory approval to operate a custody service for digital assets, including cryptocurrencies.
,“We’re building out our digital assets and custody business,” said David Lynne, who heads up the bank’s commercial banking business.
,Lynne, who was speaking at a conference, said that the bank has applied to Bafin for a digital asset licence.
,In its application, the bank is following in the footsteps of most global custodians who have sought to establish a digital assets servicing business in Germany and across Europe.
,Bafin has also issued licences to crypto-native custodians such as BitPanda which received its approval back in November.
,The crypto custody market has also received more attention in the wake of the FTX collapse last year which highlighted the need for a strict separation of customer and company assets – a staple of conventional custody services.
