Commerzbank Applies for Crypto License

After the German commercial bank (Commerzbank) applied for license encryption earlier this year, it will become the country's first major bank to provide encryption currency if they are approved to get the operation license.

German bank Commerzbank also appears to be strengthening its crypto offering after applying for a crypto license earlier this year in the first quarter. A spokesman for the bank confirmed on April 14th.

Bernd Reh, senior spokesman for Commerzbank stated that:

"We entered into a cooperation with Deutsche Börse and Fin-Tech 330x in spring 2021. In addition, we are pursuing our own digital asset strategy and are also planning our own offerings for our customers in the coming years. We have applied for a license from the Bafin for the safekeeping of crypto assets. The future offer is initially aimed at institutional customers.”

Commerzbank, founded in 1870, is one of Germany's three original banks. The bank hopes to expand the business of custody and trading of non-physical assets and build its own digital ecosystem. It is estimated that at least 25 licence applications are awaiting a decision from the Federal Financial Supervisory Authority.

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