Commerzbank, a prominent banking institution in Germany, has achieved a significant milestone in the digital asset domain by obtaining a Crypto Custody License. This development marks Commerzbank as the first full-service German bank to receive such a license, signaling a major leap into the burgeoning crypto market within the country. The license, granted under the German Banking Act (KWG), specifically falls under Article 1 Section 1a Sentence 1 No 6, empowering Commerzbank to offer secure management and storage of crypto assets.
With its considerable presence in the German banking sector, Commerzbank boasts total assets of around €534 billion as of September 2022. The bank serves a diverse client base, including approximately 26,000 corporate customer groups and nearly 11 million individual and small-business customers, primarily in Germany.
The acquisition of the Crypto Custody License is a strategic move for Commerzbank, positioning it to venture further into digital asset services. This aligns with the increasing market demand for reliable, compliant management solutions for crypto assets. Commerzbank aims to develop a secure platform for its institutional clients that adheres to regulatory standards, offering robust custody services for digital assets using blockchain technology.
This initiative is part of Commerzbank’s wider strategy to integrate digital innovation across its range of services, catering to the evolving digital economy and the needs of its customers. Dr. Jörg Oliveri del Castillo-Schulz, Commerzbank’s Chief Operating Officer, emphasized the importance of this license. “Now that we have been granted the license, we have achieved an important milestone,” he stated. “This underlines our commitment to embracing cutting-edge technologies and innovations, and it lays the foundation for supporting our customers in the realm of digital assets.”
This breakthrough by Commerzbank demonstrates the bank’s dedication to staying at the forefront of the digital transformation in the banking sector, especially in the rapidly evolving area of cryptocurrencies and blockchain technology.