Germany’s Fourth-Largest Bank Commerzbank Awarded ‘Crypto Custody License’

Bits Logics Team . 15th Nov 2023

• Commerzbank became the first German full-service bank to be granted the Crypto Custody Licence.
• The newly acquired license empowers Commerzbank to establish a “secure and reliable” platform.
• The platform aims to cater to institutional clients, offering them secure custody solutions for crypto asset

Commerzbank has solidified its position as a pioneer in the financial sector by becoming the first German full-service bank to be granted the Crypto Custody Licence under Article 1 Section 1a Sentence 1 No. 6 of the German Banking Act (KWG). According to the announcement, this significant development marks a pivotal moment for the bank, opening doors to a diverse array of digital asset services with a primary focus on crypto assets.

The newly acquired license empowers Commerzbank to establish a “secure and reliable” platform meticulously designed to comply with regulatory standards. The platform aims to cater to institutional clients, offering them secure custody solutions for crypto assets built on cutting-edge blockchain technology.

Dr. Jörg Oliveri del Castillo-Schulz, the Chief Operating Officer of Commerzbank, expressed the bank’s enthusiasm about achieving this crucial milestone. He stated, “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.”

The announcement further mentioned that Commerzbank’s strategic move aligns with its commitment to staying at the forefront of technological advancements in the financial landscape. 

Several members of the community also proclaimed it good news. One of those members also pointed out, “Many individuals criticize cryptocurrencies, but support comes from large banks and large organizations.” It seems that the community is confident that this is one of the announcements that could further develop the crypto industry.