Crypto exchange Bullish has enlisted Deutsche Bank to handle fiat deposits and withdrawals for its operations regulated by Hong Kong’s Securities and Futures Commission and Germany’s BaFin, marking another step in the deepening crossover between traditional finance and digital assets.
The U.S.-based firm, which listed on the New York Stock Exchange earlier this year under the ticker BLSH, said it plans to extend its partnership with Deutsche to additional markets, including the U.S., as it broadens its global regulatory presence.
“We actively seek partnerships with organizations that share our commitment to security, transparency, and innovation,” said Kilian Thalhammer, Deutsche Bank’s head of merchant solutions. “Our collaboration with Bullish, a globally recognized leader in regulated virtual asset services, reflects our ambition to act as a Global Hausbank for the emerging digital economy.”
The partnership gives Bullish access to one of Europe’s most established banking institutions at a time when many crypto firms still struggle to secure reliable banking rails. For Deutsche Bank, it’s part of a quiet but steady expansion into crypto‑related services, joining peers such as Standard Chartered and BNY Mellon that have been building out digital asset infrastructure.
The German lender has been increasing its exposure to crypto over the past two years. It’s reportedly preparing to launch digital asset custody services by 2026 in collaboration with Austrian platform Bitpanda, and has backed Taurus, a Swiss infrastructure provider that develops tokenization and custody technology for banks.
The move aligns with a broader shift among global lenders to re‑engage with the crypto sector following renewed regulatory clarity and political support in the U.S. President Donald Trump’s recent endorsement of digital assets has further encouraged Wall Street and European banks to revisit opportunities in the space after years of hesitation.
For Bullish, the banking link is an operational milestone. Founded in 2021 and led by former NYSE President Tom Farley, the exchange targets institutional clients and claims to have processed over $1.5 trillion in cumulative trading volume. The platform emphasizes deep liquidity and regulatory compliance, positioning itself as a bridge between traditional capital markets and the crypto ecosystem.
Bullish joins a growing list of crypto‑native companies making public debuts in 2025, including stablecoin issuer Circle and Gemini, the U.S. exchange founded by the Winklevoss twins. The company’s stock was trading near $65.17 on Tuesday, little changed on the day, according to data from The Block.
While many digital asset exchanges have faced banking setbacks since the collapse of Silvergate and Signature Bank in 2023, Bullish’s deal with Deutsche signals a gradual thaw between crypto and mainstream finance. The arrangement also strengthens Bullish’s foothold in Europe and Asia—two regions racing to define regulatory frameworks for digital assets ahead of the U.S.
For Deutsche Bank, the move is another step toward modernizing its suite of financial services for the blockchain era. Though the lender remains cautious about direct crypto exposure, its partnerships suggest an intention to embed digital asset capabilities within its broader banking network rather than compete with crypto firms directly.
With Bullish looking to scale and Deutsche seeking to anchor its role in digital finance, the alliance offers a glimpse of how the next wave of crypto–banking collaboration may unfold—measured, regulated, and increasingly global.