- WEF reports and elaborates on Deutsche Bank’s crypto trading plans.
- The new platform will be launched in four phases.
- Deutsche Bank currently holds $1.5 trillion in assets.
- More banks are starting to adopt crypto in their services amid new cryptocurrency ATHs.
The World Economic Forum (WEF) made a report in December 2020. It shed light on Deutsche Bank’s crypto vision. The bank is building its very own crypto trading platform.
The paper was titled ‘Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases’. It went on to state the bank’s plan to offer crypto-focused services.
The WEF goes into detail on the plan’s prototype. Moreover, it seems that Deutsche already has a proof of concept in place. The plan is to launch its crypto platform in 4 phases.
Firstly, it will provide custody to ‘institutional investors’. This will include, digital funds, asset managers, and corporates, among others. Secondly, it will go from holding crypto assets to buying and selling digital assets via exchanges and brokers.
Thirdly, it will provide additional services dedicated to the above essential services. This will include, all additional services consisting of staking tokens on other blockchain platforms to tax accounting. Until finally, it will open doors to trading as well as token issuing.
Deutsche Bank holds up to $1.5 trillion in assets and is currently the 21st largest bank in the world. Now that the bank’s proof of concept is ready, it will soon launch its pilot initiative later this year.
Amid the shooting prices of most cryptocurrencies, most banks worldwide are taking a similar step to integrate crypto holding and trading within their banking services.
Presently the top two crypto — Bitcoin and Ethereum, have both been smashing through their ATH price records. At the moment, BTC is at $48,638.13 and ETH is at $1,834.60. Both are expected to climb even higher.