Commerzbank wins crypto-custody license in Germany

Commerzbank finally obtained a license allowing it to provide day-care services for digital assets. The German banking giant plans to launch a platform for institutional.

Commerzbank announced on Wednesday that it had crypto-custody license with the BaFin, boasting of being the first bank in the country to obtain this authorization.

Now that we have the license, we have reached an important milestone. It underlines our ongoing commitment to applying the latest technologies and innovations, and forms the basis for supporting our customers in the areas of digital assets,” commented Commerzbank COO Jörg Oliveri del Castillo-Schulz.

The German bank had been eyeing this license for over a year. It had in fact submitted an application in the spring of 2022. Rival Deutsche Bank, meanwhile, applied last summer and has since teamed up with crypto startup Taurus.

Commerzbank is now preparing to launch a platform fully compliant with regulations aimed at institutional investors and dedicated to the custody of crypto-assets.

Earlier this month, DZ Bank, another major German bank, also announced the launch of a custody platform for digital assets.

A number of mega-banks, including Citigroup and BNP Paribas, are now positioning themselves in the crypto-custody segment.

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