Deutsche Bank To Offer Crypto Custody For Institutions

German lender Deutsche Bank (NYSE: $DB) plans to offer cryptocurrency custody to its institutional clients.

Germany's largest bank said in a news release that its digital asset custody service is set to go live by the end of this year.

Deutsche Bank said the service will give European institutional and corporate clients regulated custody of cryptocurrencies such as Bitcoin (CRYPTO: $BTC).

The service will support a select range of cryptocurrencies when it debuts, including Bitcoin, Ethereum (CRYPTO: $ETH), and stablecoins such as USDC (CRYPTO: $USDC).

Crypto custody is the secure storage and management of private keys that prove ownership of digital assets such as BTC and allow people to move them on a blockchain.

Deutsche Bank is launching its crypto custody service as institutions and corporate clients adopt a growing number of digital assets, notably stablecoins that are used for digital payments.

Institutions and corporations are likely to prefer custody services from financial institutions such as Deutsche Bank that they already have a relationship with and use for traditional finance.

DB stock has risen 5% over the past 12 months to trade at $38.35 U.S. per share.

Bitcoin is trading at $75,650 U.S. on Sept. 16.