According to a Monday report by the Wall Street Journal, Deutsche Bank, a German multinational investment bank, is looking to deepen its ties with the burgeoning U.S. crypto index.
This has been prompted by the rapidly changing regulatory environment in the U.S, which has swiftly moved to embrace crypto with open arms.
The report, which cites a source familiar with the matter, is yet to be confirmed by Deutsche Bank.
British multinational bank Standard Chartered is also looking at expanding its presence in the crypto sector as part of a global consortium.
Back in 2023, the two aforementioned banks teamed up to try out a blockchain-powered SWIFT alternative.
Godfrey BenjaminThe German megabank first revealed that it had started exploring blockchain technology all the way back in July 2015. During the same year, it predicted that blockchain tech would go mainstream.
In 2020, Deutsche Bank joined a blockchain-powered interpayment network launched by American banking behemoth JPMorgan.
The following year, Deutsche Bank concluded that Bitcoin was unsuitable for crypto payments. At the same time, the banking giant acknowledged that Bitcoin was "too important to ignore." During the same year, it was revealed that Deutsche Bank was preparing to offer digital asset custody.
In June 2023, Deutsche Bank applied for a cryptocurrency custody license in Germany.
Vladislav Sopov
Dan Burgin