German Financial Institution Weighing Crypto Potential By Adopting Crypto Custodial Services

Cryptocurrency News

Digital currencies’ adoption at the levels of global financial institutions is growing on fast pace basis. A German financial institution has decided to host crypto custodial services

One of the oldest German financial institutions called Donner & Reuschel (D&R) has decided to introduce crypto custodial services. The news was duly reported in the German local fortnightly publication, Asscompact, which endorsed the news. D&R is a private bank headquartered in Hamburg which focuses on rendering traditional financial services.

It has been apprised by D&R that soon they will be in a position to launch its newly adopted crypto services. The bank told that the infrastructure to kick-start crypto asset custodial services has been put in place and is ready to be initiated. However, no exact timeframe has been provided by the bank as to exactly when the services will be available. But the bank has duly notified that the services will be launched very soon.

One of the higher officials of D&R, Marcus Vitt, suggested that the bank would be adopting a totally different space. Before this, the bank had no experience in crypto-related services. However, the initiative is part of the bank’s plan to become part of the rapidly growing crypto space.

Vitt informed that since the pandemic D&R and its team were closely monitoring the crypto industry and its products. Though the bank was convinced that it should join the crypto arena however it took considerable time for the bank for adopting crypto. He said that D&R is confident that there is immense potential in the blockchain industry which the bank can utilize for better public purpose.

D&R was originally founded in the year 1798 but at that time its name was Conrad Hinrich Donner Bank Aktiengesellschaft. However, D&R was lately acquired by a German business group known as Signal Iduna in 2010. Thereafter the name of the bank was changed from “Conrad Hinrich Donner Bank Aktiengesellschaft” to “Donner & Reuschel Aktiengesellschaft”

On the other hand, the group which acquired D&R is in the business of rendering services relating to finance and insurance within Germany. The group’s head office is located also in Germany in the area called Dortmund.

It was informed by Vitt that from the past year, the demand of crypto is rapidly growing in Germany as well. He said that the aim of the bank is to keep up with the rest of the world. He said that the bank wanted to follow the trend which has been adopted by several known banks of the world.

It was stated by Vitt that the induction of Blockchain within the present system of D&R will bring about massive structural amendment. He said that for the past 20 years he had been a part of the bank but never in his experience had he seen such a major shift ever.

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