Deutsche Boerse has announced the launch of custody and settlement services for cryptocurrencies for institutional clients. This initiative marks a significant expansion of the German exchange's presence in the digital asset market.
Introduction to the New Service
Starting in April, Deutsche Boerse will provide custody and settlement services for bitcoin and ether within its settlement arm, Clearstream. Crypto Finance will serve as a sub-custodian for this offering.
Benefits for Financial Institutions
European financial institutions are increasingly embracing cryptocurrencies following the implementation of the MiCA regulatory framework. The announcement came after Crypto Finance successfully obtained a MiCA license in January. The new service will allow secure crypto trading across various trading venues.
Competition and Market Presence
Deutsche Boerse has joined other major custody providers such as Bank of New York Mellon and State Street, already offering crypto custody. Earlier this year, Deutsche Boerse launched a regulated crypto trading platform for institutional investors.
Deutsche Boerse's introduction of cryptocurrency custody services strengthens the trend of digital asset integration into traditional financial systems. This is expected to lead to further expansion of the crypto market.
