Commerzbank has become the first full-service bank in Germany to be granted a crypto custody license.
The license will allow the bank to offer a range of digital asset services with a particular emphasis on crypto assets.
Commerzbank said it will now set up a secure platform which meets regulatory and compliance requirements.
The bank will use the new platform to offer its institutional clients custody services for crypto assets based on blockchain technology.
“Now that we have been granted the licence, we have achieved an important milestone,” said Dr Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank. “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.”
In June, fellow German bank Deutsche Bank applied for a digital asset license in an attempt to expand its revenue streams. Deutsche Bank’s investment business DWS Group also made an attempt to increase revenue from products linked with digital assets, when the firm tried to buy a minority stake in Deutsche Digital Assets in February 2023.
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