This was recently accentuated when a report from the financial times revealed that deutsche bank, the recently-suffering german banking behemoth, has confirmed it will be joining the interbank information network (iin) by bitcoin-skeptical jp morgan.
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global banking giant deutsche bank expects governments to start regulating bitcoin by the end of 2021. Bitcoins (btc) market capitalization of 1 trillion and potential for continued growth have made the cryptocurrency too important to ignore, according to deutsche bank analysts. Deutsche bank research, the financial research subsidiary of global banking giant deutsche bank, issued a.
In december, singapore-based multinational bank dbs launched a variety of crypto services, including custody, and will allow customers to trade bitcoin, ethereum, bitcoin cash and xrp. Similarly, wall street giants are jumping on the crypto train. Investment bank bny mellon has stated its commitment to offering cryptocurrency-based services to clients.
The firm is the latest in a slew of wall street firms indicating an interest in the asset class. Deutsche bank is developing a service that will store and trade cryptocurrencies on behalf of.
Like other blockchains, ethereum has a native cryptocurrency called ether (eth). If youve heard of bitcoin, eth has many of the same features. It is purely digital, and can be sent to anyone anywhere in the world instantly. The supply of eth isnt controlled by any government or company it is decentralized, and it is scarce. People all over the world use eth to make payments, as a store of value, or as collateral.
announced in october 2017, iin is built on quorum , the ethereum-based blockchain network developed by the banking giant, and employs a stablecoin dubbed jpm coin.
a world economic forum report is unveiling deutsche banks plans to introduce a digital asset custody platform that provides prime brokerage and storage for clients. In a recently published document, the bank states that it plans to build a platform that integrates cryptocurrencies and digital asset programs with conventional banking.
8 trillion, deutsche bank stated that bitcoin is too big to ignore, according to a report. The report outlines the challenges of bitcoin becoming a medium of exchange or an asset class.
deutsche bank plans to list launch digital asset custody and related crypto services, according to wef report. The german bank has predicted the end of fiat currencies by 2030. The report also elaborates on paypals final goal to promote the use of crypto utility as a form of payment. Deutsche bank digital asset custody was included in the list.