Future Cryptocurrency Vaulting Services Scheduled for 2026
In a significant shift, major banks and financial institutions are increasingly engaging with Bitcoin and other cryptocurrencies, signalling a growing acceptance of these digital assets.
One of the latest developments comes from Deutsche Bank, which has applied for a crypto custody license from the Federal Financial Supervisory Authority (BaFin) and received it by the end of last year. The German banking giant, managing around 900 billion US dollars in assets, is planning to offer Bitcoin and cryptocurrency custody services to its clients by 2026. Since September 2023, Deutsche Bank has been storing crypto assets for institutional investors in cooperation with the Swiss company Taurus.
The technology unit of the Austrian crypto exchange Bitpanda is reportedly working with Deutsche Bank on these services, although no official confirmation has been made by either party.
Deutsche Bank is not alone in this move. Savings banks are planning to enable their customers to trade Bitcoin and other cryptocurrencies in the coming months. This follows the footsteps of JPMorgan, more financial institutions, and even big banks like BBVA in Spain, which announced plans to offer crypto custody services in partnership with Ripple starting in 2023 or later.
The increasing adoption of Bitcoin by these institutions indicates that it is gaining legitimacy. Bitcoin spot ETFs have been made tradable by asset managers like BlackRock and Fidelity in the US, further boosting its credibility.
However, not everyone in the banking sector is on board. Jamie Dimon, the leader of JPMorgan, has previously shown skepticism towards Bitcoin. Despite this, more financial institutions, including JPMorgan, are starting to engage with Bitcoin, suggesting a gradual change in perspective.
Tristan, the editor-in-chief at Blocktrainer.de, has been actively involved with Bitcoin since 2020. Tristan, who has a background in economics and has gained journalistic experience outside the Bitcoin space, provides a guide for beginners on how to make their first Bitcoin purchase in 5 steps at this link.
As more people gain access to Bitcoin, which has generated the highest returns in recent years, it is clear that the digital currency is here to stay. The increasing involvement of major banks and financial institutions will undoubtedly contribute to its continued growth and acceptance.
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