Commerzbank AG declared on Wednesday that it has acquired a crypto custody license in Germany.According to the release, “with particular emphasis on crypto assets,” the license would enable the worldwide bank with its headquarters located in Frankfurt to provide a wide range of digital asset services.
It has proven to be a difficult task for businesses wishing to provide related services to obtain a crypto license from Germany’s conservative financial markets regulator BaFin. As the first full-service bank in Germany to receive the license, Commerzbank intends to establish a safe custody platform for digital assets.
“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,” Dr. Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank said in a press statement.