Commerzbank Attains First German Bank Crypto Custody License

According to a recent press release from Commerzbank, the bank has become the first full-service German bank to receive a Crypto Custody Licence. This license, as stipulated under the German Banking Act (KWG), positions Commerzbank to broaden its offerings in the digital asset space with a focus on cryptocurrencies.

The bank’s initial step is to establish a secure and regulatory-compliant platform for its institutional clients. This platform will primarily provide custody services for crypto assets, utilizing blockchain technology. This initiative reflects Commerzbank’s strategy to integrate cutting-edge technologies into its service portfolio.

Dr. Jörg Oliveri del Castillo-Schulz, Commerzbank’s Chief Operating Officer, highlighted the significance of acquiring this license. He pointed out that this milestone demonstrates the bank’s commitment to adopting innovative technologies and lays the groundwork for supporting their customers in the digital asset sector.

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As outlined in the press release, Commerzbank is a key player in the German banking sector, particularly for the German Mittelstand. It serves around 26,000 corporate client groups and nearly 11 million private and small-business customers in Germany. The bank operates in two primary segments: Private and Small-Business Customers, and Corporate Clients, offering a comprehensive range of financial services.

Commerzbank is instrumental in about 30% of Germany’s foreign trade and maintains an international presence in over 40 countries. The bank focuses on German Mittelstand, large corporates, and institutional clients, and also caters to businesses connected to Germany, Austria, or Switzerland, and those in selected future-oriented industries.

In the private and small-business segment, Commerzbank and its brand comdirect provide services through various channels, including online, mobile, advisory centers, and branches. Its subsidiary, mBank S.A., is an innovative digital bank serving millions of customers in Poland, the Czech Republic, and Slovakia.

Featured Image via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2023/11/commerzbank-gains-groundbreaking-german-crypto-custody-license/