Major German bank Commerzbank has applied for a crypto license, the first bank in Germany to do so.
- Commerzbank “applied for the crypto custody license in the first quarter of 2022” stated a spokesperson to a local media outlet Börsen-Zeitung.
- Commerzbank serves over 18 million customers and an additional 70k institutional clients.
- If the license is approved, Commerzbank will become a crypto custodian. This authorizes them to offer exchange services and custody or protection over cryptocurrency assets.
- Commerzbank isn’t new to the blockchain industry. In collaboration with Deutsche Börse, Commerzbank executed some of the first transactions on Distributed Ledger Technology (DLT) in the securities lending market back in 2019.
- Commerzbank collaborated with Deutsche Börse once again to invest in blockchain-based digital marketplace 360X last August.
- A recent report from KuCoin showed that almost half of all Germans were motivated to invest in cryptocurrencies. If successful in their application, Commerzbank will make this process much easier for local residents.