$1,400,000,000,000 Deutsche Bank Just Applied for Crypto Custody License in Germany

There are a lot of exciting moves in the crypto space these days, and the latest one involves Deutsche Bank. Check out the latest reports below.

A financial services company and multinational investment bank worth $1.4 trillion is currently seeking a crypto custody license in Germany. In a recent report by Bloomberg, Deutsche Bank AG – the largest bank in Germany and the second largest in the European Union – is requesting regulatory approval to provide custody services for digital assets, such as cryptocurrencies, in Germany.

David Lynne, runner of Deutsche Bank AG’s commercial unit, stated the following:

“We’re building out our digital assets and custody business.

We just put our application into the BaFin for the digital asset license.”

The Federal Financial Supervisory Authority, also known as BaFin, is the primary financial regulator in Germany. Its responsibility is to oversee banks, insurance companies, and financial markets in the country.

Recently, Lynne reported that Deutsche Bank’s corporate bank is increasing its digital asset offerings to generate more fee income.

This move is in line with similar efforts by the bank’s investment arm, DWS Group, to expand its income through these offerings.

While critical of digital assets in the past, Deutsche Bank has been making massive moves to get a possible first-mover advantage in the industry.

Several major financial institutions worldwide have provided financial support to the recently launched digital asset marketplace, EDX Markets (EDX). A press release has revealed that the company has secured a round of funding from esteemed financial giants such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.

The funding will “support EDX as it continues to develop its trading platform and solidifies its market leadership position.”

Currently, EDX only allows trading for four cryptocurrencies namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).