German bank Commerzbank AG, which has €510 billion in assets under management, has received a crypto custody license in the region, opening the path to creating a custodial platform for institutional clients, according to an announcement on Wednesday.
With the license granted by financial regulator BaFin, the Frankfurt-headquartered Commerzbank will offer a broad range of digital asset services with a particular focus on crypto assets.
The news is the latest signal that German banks are increasingly moving to add digital asset services. Earlier this month, DZ Bank, Germany’s third-largest depository, announced plans for a digital asset custody platform after applying for a BaFin license in June.
“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,” said Dr Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank, in the announcement.