Commerzbank, a key player in the German banking sector, has been granted a crypto custody license, becoming the first full-service bank in Germany to step into this domain. Commerzbank applied for a crypto license in April 2022 to offer crypto exchange services as well as custody of crypto assets.
Announced on November 15, this development represents a significant shift in integrating digital assets into mainstream banking.
This strategic decision places Commerzbank at the forefront of digital asset services. Operating under the German Banking Act, the bank is now equipped to offer cryptocurrency custody services. This initiative is more than a new service offering; it’s a forward-thinking step towards a broader range of digital financial services.
Jörg Oliveri del Castillo-Schulz, the bank’s Chief Operating Officer, shared his excitement about this new venture. “Now that we have been granted the licence, we have achieved an important milestone. 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,” he remarked.
The bank’s immediate focus is creating a secure and compliant platform with local regulations. Aimed at institutional clients, this platform will facilitate blockchain-based crypto custody services. Commerzbank’s approach is innovative and aligns meticulously with regulatory requirements.
Commerzbank’s venture into crypto custody reflects a broader trend within the German financial landscape. DZ Bank, another major player, recently introduced its crypto custody service for institutional investors. Additionally, the U.S.-based BitGo expanded its German operations after securing a local license.