Commerzbank has announced it is the first German full-service bank to be granted the Crypto Currency Licence. The licence will enable the bank to build up a broad range of digital asset services, with a particular focus on crypto assets.
The licence will also allow the bank to establish a “secure and reliable” platform with regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.
“Now that we have been granted the licence, we have achieved an important milestone,” said Dr Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank.
He continued: “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.”
Commerzbank has 26,000 corporate clients and more than 10m private small business customers in Germany.
The bank transacts 30% of Germany’s foreign trade and is present in more than 40 countries in the corporate clients’ business.
This move by Commerzbank mirrors a broader trend within the German banking sector. DZ Bank, another major player, recently launched its own digital custody platform, leveraging blockchain technology. The bank expects that in the next 10 years, a “significant proportion” of capital market business will be processed via distributed ledger technology.