Monero (XMR) price has soared over 100% since the last week to trade above the $250 mark for the first time since May 2018.
Fundamental analysis: Deutsche Bank to build a crypto custody services platform
The mass crypto adoption is nearing close as more and more institutional investors are looking to gain crypto exposure. Deutsche Bank is the latest major bank that is planning to offer personalized cryptocurrency custody services to hedge funds that buy digital assets.
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The bank’s prototype seeks to build “a fully integrated custody platform for institutional clients and their digital assets providing seamless connectivity to the broader cryptocurrency ecosystem,” according to a report by the World Economic Forum.
Deutsche Bank said it is looking to build a trading and token issuance platform in a bid to connect cryptocurrencies with traditional banking services and enable the managing of crypto assets and fiat currencies in a single user-friendly platform.
A number of the world’s largest banks have announced similar plans, with the bank of New York Mellon announcing its own plan earlier this week. Deutsche Bank said it is looking to “ensure the safety and accessibility of assets for clients by offering an institutional-grade hot/cold storage solution with insurance-grade protection.”
According to the report, the bank plans to roll out the platform in stages, but ultimately, it would allow clients to buy and sell crypto assets via a partnership with prime brokers, issuers, and vetted exchanges.
Deutsche also said the platform will offer value-added features including taxation, valuation services, and fund management, as well as lending, staking and voting, “and provide an open-banking platform to allow onboarding of third-party providers.”
The platform will aim to attract asset managers, wealth managers, family offices, large businesses, and digital funds, according to Deutsche.
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Technical analysis: A huge move higher
Monero price has doubled in value in less than a month. The price action followed Bitcoin in pushing higher to rise over the $250 handle for the first time in nearly three years.
At the moment, XMR price is testing 50% retracement of the 2017 – 2020 move lower that saw Monero lose 95% of its value. A break above $260 would pave the way for a push towards the next key resistance that sits just above the $300 mark. Looking lower, $190 offers support in case a pullback takes place.
Germany’s Deutsche Bank said it plans to create an all-in-one platform that will offer personalized cryptocurrency custody services to hedge funds. In the meantime, Monero buyers have pushed the price action significantly higher in the past few weeks.