Donner & Reuschel, a Hamburg-headquartered private bank, is to offer cryptocurrency buying and custody to its clients.
According to the institution, the decision to move forward with the launch – planned “as soon as possible” – was prompted by high market demand for digital asset custody.
DLC Distributed Ledger Consulting GmbH has been brought in as consultant partner for the bank’s new direction.
Donner & Reuschel next plans “to intensively address” tokenization of assets to maximize its chances of benefitting from an anticipated shift in the finance industry.
“We have been observing the digital assets market for some time now and are convinced of the potential of blockchain technology, also with regard to traditional securities transactions,” says Marcus Vitt, Spokesman of the Bank’s Management Board.
Donner & Reuschel was established in 1798 and holds around €9 billion ($10.7 billion) in assets under management.