15 November 2023
Commerzbank, Germany’s fourth-largest bank, announced its become the first among its peers to secure the Crypto Custody License under Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG).
The newly acquired license empowers Commerzbank to forge ahead in establishing a comprehensive range of digital asset services, with a specific emphasis on Bitcoin and crypto assets. The initial step involves the creation of a robust, secure, and fully compliant platform, designed to cater to institutional clients seeking secure custody solutions for their crypto assets.
“Now that we have been granted the licence, we have achieved an important milestone,” said Dr. Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank. “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.”
By obtaining this license, the bank aims to build a secure environment that not only fosters trust but also serves as a catalyst for further advancements in the digital asset domain.