Under the German Banking Act, this marks a significant milestone.
This makes Commerzbank the first full-service German bank to receive such a license.
With the license, it enables Commerzbank to provide custody services for crypto assets and expand its offerings to include “further digital asset services.”
Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, deems the license acquisition as an “important milestone”.
He also commented,
“This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets.”
The bank outlines its immediate plans to establish a secure and reliable platform that complies with local regulations.
This platform will facilitate crypto custody services via blockchain, primarily targeting institutional clients.
Commerzbank’s strategic move follows a trend in Germany’s banking sector, with DZ Bank unveiling its crypto custody offerings for institutional investors earlier in November.
The crypto landscape in Germany has witnessed significant growth.
The German bank’s strategic move follows a trend in Germany’s banking sector, with DZ Bank launching their very own digital assets custody platform earlier in November.
Commerzbank’s foray into crypto custody aligns with the evolving financial landscape, reflecting the increasing importance of digital assets in traditional banking institutions.