Commerzbank has become the first major German bank to receive regulatory approval for a crypto asset custody license, allowing it to offer comprehensive digital asset services.
Commerzbank made history today by becoming the first major German full-service bank to be granted a license to provide crypto asset custody services.
The Frankfurt-based bank received the license under the German Banking Act, allowing it to offer institutional-grade cryptocurrency custody and other digital asset services to clients.
Crypto adoption among mainstream European banks has been gradually increasing, as they respond to rising customer demand and aim to provide transparency around digital asset activities.
“Now that we have been granted the license, 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,” commented Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank.
Commerzbank's custody services will cater to growing interest from institutional investors and high-net-worth individuals looking for regulated and secure crypto exposure, following the recovery from last year's bear market.
The license is seen as an important step for mainstream crypto adoption in Germany's banking industry.
