Deutsche Bank has reportedly applied for a digital asset custody license with the German financial regulator BaFin, signaling its entry into the crypto industry. This move follows Deutsche Bank’s investment arm, DWS Group, expressing interest in investing in two German crypto firms – Deutsche Digital Assets and Tradias. The bank’s corporate banking division had previously announced plans to offer digital asset-related services in 2020 but did not provide any timeline for their introduction. In February 2023, Deutsche Bank Singapore successfully completed a trial for a tokenized investment platform called DAMA in partnership with Memento Blockchain, indicating a shift in the bank’s stance towards cryptocurrencies. Germany’s banking institutions have been cautious about the crypto industry due to its volatility and unpredictability, but they are now exploring the potential of adding digital asset-centered services for clients.