Deutsche Bank AG, a leading global banking institution, has submitted an application to Germany’s financial regulator, BaFin, for a license to operate a custody service for digital assets, including cryptocurrencies. This move is part of Deutsche Bank’s broader strategy to increase its revenue from digital asset offerings, following similar initiatives by its investment division, DWS Group.

David Lynne, the head of Deutsche Bank’s commercial banking unit, confirmed the bank’s application during a conference. He stated, “We’re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset license.”

This development is in line with Deutsche Bank’s strategic focus on expanding its digital asset services. Interestingly, this comes after the bank’s earlier stance in 2020, where it deemed Bitcoin as “too volatile” to serve as a “reliable” store of value. The bank’s shift towards embracing digital assets indicates a changing perspective on the potential of cryptocurrencies and digital assets in the financial sector.