The interest of many financial services organizations like commercial banks has continued to tilt towards the Blockchain space, at least recently. The reason behind this shift is not farfetched from the fact that the booming market has continued to attract several investors of all nature, with bank customers demanding that their vendors start to offer crypto custody services.
Recently, many banks have now started to partner with several crypto exchanges in a bid to offer value-added crypto services to their customers. The latest such development is from Deutsche Bank who is now secretly considering offering crypto custody services.
The bank wants to create a unique platform to render crypto services
A report that surfaced early last month explained that investors’ interest is now shifting from the traditional assets like stocks, gold, etc., towards digital assets like Bitcoin and Ethereum, maximizing profits touted as the reason behind this paradigm shift. Deutsche Bank is one of Europe’s most experienced banks providing services ranging from retail banking to investment banking for its numerous customers worldwide.
In a report presented to the World Economic Forum last December, Germany’s largest bank had hinted that its next focus is to provide crypto services for its institutional clients in a bid to meet their demands. The bank affirmed that the bespoke crypto custody service in its offering plans would come in stages, as it will attend to several professionals in different ways.
The bank had also spoken about creating a very enabling crypto environment in its proposed plan; an environment earmarked to bridge trading between fiat currencies and cryptocurrency. In the report presented to the World Economic Forum, the bank had also vowed that should it proceed with its plan; it will create an enabling environment where institutional and private investors seeking cryptocurrency exposure and knowledge will get everything they need. The bank is also looking out to partner with many crypto exchanges that it feels align with their goals.
Many banks are now showing interest
The increased rate of many technologies and financial firms towards providing bespoke cryptocurrency services has recently been high. However, many world-renowned commercial banks are now starting to show interest in offering cryptocurrency holding services. In a statement last week, J.P Morgan COO feels that the cryptocurrency market’s growth can no longer be ignored, as he expects his firm to join the bandwagon soon.
Bank of New York Mellon (BNY) had also announced earlier in the week that it had started providing cryptocurrency services for its customers. The sudden U-turn by many banks to offer cryptocurrency services has come as a shock to all, considering the banks’ initial stance in the early development of the market, which is now becoming the most popular investment ground for investors. However, the good news is that the banks’ involvement will only further grow the fortunes and population size of the booming cryptocurrency market.