Commerzbank applies for crypto-custodian licence in Germany

One of Germany’s largest banking groups — Commerzbank — has submitted to BaFin an application for a crypto-custodian licence. The Börsen-Zeitung reports, citing a representative of the bank.

According to the report, if approved, Commerzbank would also be allowed to provide services related to exchanging and safeguarding digital assets.

Under current German law, companies looking to operate in the cryptocurrency sphere must register with BaFin. Only four organisations have obtained the relevant licences.

Commerzbank has long been interested in blockchain technology and cryptocurrencies. In 2018, the group tested transactions on the Corda platform.

In 2020, the organisation led a financing round for Curv, a provider of infrastructure for storing cryptocurrencies.

Back in September 2021 BaFi approved the issuance of a bitcoin-token STO EXOeu from the game publisher Exordium.