Commerzbank, the second-largest bank in Germany, partly owned by the government, might become the country’s first crypto custody bank.

To offer crypto custody services, the financial institution requested a crypto custody licence from BaFin. Commerzbank, (ETR) will offer its clients commercial services for investment products that are related to cryptocurrency once it has been approved by German regulators.

Commerzbank will work with crypto assets in order to influence emerging digital ecosystems. Bernd Reh, the Senior Spokesman at Commerzbank, confirmed the bank’s interest in the crypto industry and stated that the firm is making its first steps toward digital asset adoption.

“We are carrying out our own digital asset strategy and are also planning our own offerings for our clients in the coming years,”
He stated.

With over €462 million under management and 28,000 groups of corporate clients, Commerzbank’s new crypto custody division could attract a larger number of investors into the crypto market.

Commerzbank must still wait for approval by regulators. At the moment, at least 24 additional companies have applied for crypto custody BaFin licenses and remain on the waitinglist.

To The Flipside

• Only four companies that applied for a BaFin license were approved by German authorities – Coinbase (NASDAQ:), Tangany, Kapilando, and Upvest.
• Deutsche Boerse is a German Stock Exchange. It offers digital asset exposure through Exchange-traded bonds (ETN). These notes are physically guaranteed with cryptocurrencies, such as and.