Commerzbank to Introduce Cryptocurrency Trading Services

Germany’s second-largest bank by branches, Commerzbank, in collaboration with Crypto Finance, a subsidiary of the major exchange operator Deutsche Boerse Group, will offer cryptocurrency trading and custody services to corporate clients. This was reported by CoinDesk.

“Our digital asset offering allows corporate clients to leverage the opportunities presented by Bitcoin and Ether for the first time,” commented Gernot Klekner, Head of Capital Markets for Corporate Clients at Commerzbank.

In November 2023, Commerzbank received a license from the regulator for cryptocurrency custody. 

German DZ Bank will provide its 700 corporate clients with access to cryptocurrencies through an agreement with Boerse Stuttgart Digital. These banks will be able to offer their retail clients services for trading and storing digital assets.

The work has already begun, with the first banks to be connected this year. The rollout for individual retail clients will follow. 

“We offer a proven and fully regulated infrastructure for cryptocurrency trading and custodial services to financial institutions across Europe,” noted Matthias Voelkel, CEO of Boerse Stuttgart Digital.

The Frankfurt bank manages assets worth $627 billion. In November of last year, it launched a custodial platform for institutional investors.

Back in September, Germany halted the operations of 47 illegal Bitcoin exchanges.