Commerzbank secures the inaugural crypto custody license for a full-service bank in Germany. The milestone underlines the bank’s dedication to cutting-edge technologies, paving the way for a secure platform compliant with local regulations, signaling a new era in digital asset services.
Commerzbank has achieved a groundbreaking feat, becoming the first full-service bank in Germany to secure a crypto custody license. Granted under the German Banking Act, this empowers the bank to offer custody services for digital assets, marking a significant leap in its commitment to technological innovation.
Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, deems this a crucial milestone, emphasizing their dedication to supporting customers in the digital asset realm. The immediate focus is on establishing a secure platform adhering to local regulations, laying the groundwork for robust crypto custody services via blockchain, especially catering to institutional clients.
This development echoes a broader trend in Germany, following DZ Bank’s revelation of its crypto custody offerings for institutional investors.
As the crypto landscape gains momentum, Commerzbank’s move sets a precedent for traditional financial institutions embracing the evolving digital asset landscape.