It is reported that Deutsche Bank is preparing to launch cryptocurrency asset custody services in Germany and plans to expand this business to Asian financial centers by 2027.

Reuters quoted Gerald Podobnik, co-head of corporate banking at Deutsche Bank, on Friday as saying that the rapid growth of the digital asset economy – which includes trillions of dollars held in stablecoins – is driving the bank to develop this plan.

Podobnik added that this move is also part of Deutsche Bank's goal to achieve an 8% compound annual growth rate in corporate banking business by 2028.

According to a press release dated September 16, the bank's custody services will initially support Bitcoin ( BTC ), Ethereum ( ETH ), as well as some stablecoins, including Circle's USDC ( USDC ), EURC ( EURC ), and AllUnity EUR ( EURAU ).

A spokesman for Deutsche Bank recently told Cointelegraph that the bank expects to obtain regulatory approval for this custody service in October in accordance with the "Regulations on the Supervision of Crypto Asset Markets" ( MiCA ). The MiCA temporary register of the European Securities and Markets Authority ( ESMA ) shows that Deutsche Bank has already received authorization from the German Federal Financial Supervisory Authority ( BaFin ) on Monday.

Cointelegraph stated that they had contacted Deutsche Bank to request a comment on which Asian financial centers the bank plans to prioritize its layout in, but as of press time, no response has been received.

In September 2023, Deutsche Bank reached a partnership with the cryptocurrency infrastructure platform Taurus to support its crypto custody program.