Commerzbank, one of the four largest banks in Germany and a leading digital asset management company, has taken an important step to provide its clients with access to safe custody of their digital assets. This marks the first time a full service bank in the country has received a crypto custodial licence from the Federal Financial Supervisory Authority (BaFin).
The licence was granted in accordance with the German Banking Act (KWG) and will allow the bank to develop digital asset services, including one specifically targeting crypto assets.
Dr Jörg Oliveri del Castillo-Schulz, the COO of Commerzbank, commented: “Now that we have been granted the licence, 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 custody of crypto assets allows the bank to service a variety of customers, including those in the growing blockchain industry.
CoinJournal previously reported on Deutsche Bank’s partnership with SwissCrypto, a company based in September. This collaboration allowed the bank to offer custody solutions for tokenized financial instruments and digital assets.