Germany-based Deutsche Bank has been developing its own prototype for a cryptocurrency custody platform that will target institutions, TokenPost cited CoinDesk.
The project aims to securely link digital assets and traditional banking services. The platform will also assist crypto holders to manage both their digital assets and fiat holdings as well as allow the later addition of value-added services either by the bank or by third-party providers.
The project will be implemented in four stages. The bank will first offer insured crypto custody service for ‘vetted digital assets on behalf of institutional investors, such as asset managers, wealth managers/family offices, corporates, and digital funds’, TokenPost cited Decrypt.
The second stage will go beyond mere custodial services to enabling clients to buy and sell crypto via the platform. The project’s third stage will add services such as tax accounting, lending, token staking, and valuation. The platform will also allow the onboarding of third-party service providers. The final phase will grant clients the capability to issue and trade tokens.
There is a possibility that Deutsche Bank might be able to launch the service in 2021, the online publication concluded. ‘The bank has completed its proof of concept and is aiming for a minimum viable product in 2021 while exploring global client interest for a pilot initiative.’