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Deutsche Bank is reportedly considering expanding its presence in the cryptocurrency market, according to a recent report. The news comes as a surprise, given the bank’s previous stance on Bitcoin being “too important to ignore” while also deeming it unsuitable for crypto payments.
In 2023, Deutsche Bank joined a blockchain-powered interpayment network launched by JPMorgan Chase, signaling its growing interest in the digital asset space. The bank has since been exploring various opportunities, including applying for a cryptocurrency custody license in Germany.
It is worth noting that Deutsche Bank first started exploring blockchain technology as far back as 2015, when it predicted that blockchain would go mainstream. At the time, the bank’s prediction seemed premature, but with the rapid growth of cryptocurrencies and decentralized finance (DeFi) over the past few years, the bank’s stance has become increasingly prescient.
The exact nature of Deutsche Bank’s planned expansion is unclear at this point, but it is likely that any new initiatives will be closely monitored by market participants. As one of the largest financial institutions in the world, Deutsche Bank’s involvement in the crypto space could have significant implications for the market and investors alike.
It remains to be seen how Deutsche Bank will approach its newfound enthusiasm for cryptocurrencies, but given its recent track record, it is likely that any moves will be cautious and measured.
Source: https://u.today/deutsche-bank-mulling-crypto-expansion-report
