crypto custody business

One of the largest banking institutions in Germany has confirmed it applied for a local crypto license earlier this year, marking the first time a major bank has made a move toward cryptocurrencies in the country. A spokesperson from Commerzbank confirmed to local media outlet Börsen-Zeitung on April 14 that it “applied for the crypto custody license in the first quarter of 2022.” If approved it would be authorized to offer exchange services along with custody and protection of crypto-assets. Commerzbank serves over 18 million customers and over 70,000 institutional clients, and the cryptocurrency offering will reportedly target its institutional client base. Since Jan. 1 2020 any business wishing to offer cryptocurrency services in Germany must first seek approval from the Federal Financi...