German banking giant Deutsche Bank announced that it projects that the cryptocurrency sector will surge to $24 trillion in the near future, making custody solutions a critical service. It is already developing the platform, which it intends to launch in four stages. The German bank made the revelation in a December report by the World Economic Forum. The bank’s plans about offering crypto were hidden in plain sight in a widely overlooked report by the World Economic Forum.
Deutsche Bank says it plans to create a trading and token issuance platform.
According to the report, Germany’s largest bank says it plans to create a trading and token issuance platform, bridge digital assets with traditional banking services, and manage the array of digital assets and fiat holdings in one easy-to-use platform. Big banks are now announcing plans to enter crypto custody on an almost daily basis, with Bank of New York Mellon, the world’s largest custodian bank, joining the party earlier this week. US-based banks were given some regulatory clarity thanks to last year’s interpretation letters from the Office of the Comptroller of the Currency.
ECB president says central banks holding bitcoin is ‘out of the question.’
As reported earlier, the European Central Bank (ECB) president, Christine Lagarde, said that central banks worldwide would not be holding Bitcoin any time soon. In a conference call with The Economist on Feb. 10, the ECB head showed herself to be firmly risk-off when it came to decentralized cryptocurrencies. “It’s very unlikely — I would say it’s out of the question,” she responded when asked about central banks holding the cryptocurrency in the future. Institutions have shown an increased interest in bitcoin in recent times. Tesla invested $1.5 billion in bitcoin that boosted the price of bitcoin to reach new all-time highs.