• The bank has said that its immediate priority is to build a platform that is secure and reliable.
  • Commerzbank claims to be the first “full-service” German bank to get such a license.

Commerzbank, a German bank, said on November 15 that it has received a cryptocurrency custody license from German authorities. Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank, stated that getting the license is an “important milestone.”

Moreover, Commerzbank claims to be the first “full-service” German bank to get such a license under the German Banking Act. The organization may now provide cryptocurrency custody services and “further digital asset services” as a result.

Custody Service-Initial offering

The bank has said that its immediate priority is to build a platform that is “secure and reliable” and fully conforms with local rules in order to provide crypto custody services via blockchain to its institutional customers.

Commerzbank told Reuters in an email that its initial offering would be a custody service for Bitcoin and Ethereum, targeted at institutional and corporate customers.

Commerzbank’s announcement comes after DZ Bank, Germany’s third-largest bank, made public its cryptocurrency custody services for institutional investors on November 6.

DZ Bank has released an innovative platform for managing digital assets and other financial products. The company said that it has submitted an application for a crypto custody license in June 2023 so that institutional investors and individual clients may purchase cryptocurrency.

Germany’s crypto scene has been heating up over the last 12 months. After three years of running its dedicated local subsidiary, U.S crypto custody service BitGo got a license from the German Federal Financial Supervisory Authority recently to increase its compliance with local legislation. 

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