Commerzbank becomes first German bank to receive crypto custody licence
Commerzbank has become the first full-service German bank to be granted the crypto custody licence.
Commerzbank receives crypto custody licence
With the new licence, Commerzbank aims to build up a range of digital asset services, with a particular focus on crypto assets.
As part of its next steps, the bank first aims to set up a “secure and reliable” platform that is fully compliant with regulations, in order to provide its institutional clients with access to custody for crypto assets based on blockchain technology.
It had first applied for the licence in April 2022, with its competitor Deutsche Bank applying in June this year.
Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank, says the bank has achieved an “important milestone” after being granted the licence and that “it forms the foundation for supporting our customers in the areas of digital assets”.
Commerzbank claims to serve the German Mittelstand, around 26,000 corporate client groups and almost 11 million private and small-business customers in Germany, offering them a suite of financial services.
Exciting development! Commerzbank leading the way in Germany’s banking sector by securing the crypto custody license.