Donner & Reuschel, a private bank in Germany founded in 1798, is planning to launch crypto asset services.
Finance Magnates reported on March 9 that Donner & Reuschel announced plans to launch a suite of crypto asset services, including bitcoin trading, digital asset custody, and asset tokenization. The bank reportedly decided to launch these new products in response to market demand. According to a spokesperson for the financial institution:
We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology with regard to classic securities transactions.
Donner & Reuschel is leveraging Distributed Ledger Consulting for help with deploying its new services. While the bank has not specified a launch date, it highlighted that they will be made available as soon as possible. The spokesperson further explained that the bank is convinced that the technology developed for bitcoin will bring major changes to the world's financial landscape:
Blockchain technology will result in the greatest structural change in the financial industry that I have been able to experience so far in my 20-year banking career.
This is just the latest example of institutional bitcoin adoption in a slew of announcements that came out this past year. In February, a World Economic Forum report suggested that Deutsche Bank plans to open an institutional digital asset custody platform. United States' oldest bank BNY Mellon has also announced its own bitcoin custodial offering.
Earlier today, the head of digital assets at investment bank Goldman Sachs confirmed plans to launch bitcoin futures trading, and added that 40% of the bank's institutional customers already had exposure to digital assets.