Commerzbank, Germany's second largest bank after DeutscheBank, is taking decisive steps towards cryptocurrencies.
At this point, Commerzbank said that it was granted a cryptocurrency custody license and was the first full-service bank to do so in Germany.
Speaking to Dow Jones Newswires, a Commerzbank spokesperson said that the crypto custody license was issued by Germany's Federal Financial Supervisory Authority and the European Central Bank.
The spokesperson said that this license allows Commerzbank to create a wide range of digital asset services, especially crypto assets, and to provide cryptocurrency custody services to its corporate customers.
The spokesperson also stated that the bank is trying to create a safe platform for digital assets and said:
“Commerzbank's next goal is to create a fully compliant, secure and reliable platform to support its corporate customers by providing custody services for crypto assets based on blockchain technology.
We aim to establish this platform in the first half of 2024.”