Commerzbank Obtains Cryptocurrency Custody License.

Commerzbank announces obtaining a cryptocurrency custody license, becoming the first service bank in Germany to do so. With the license from the German financial regulator BaFin (Federal Financial Supervisory Authority), the bank now has the authority to provide its customers with secure cryptocurrency custody services.

Commerzbank has become the first service bank in Germany to obtain a cryptocurrency custody license. The bank spokesperson stated in an announcement that the license was granted by the German Federal Financial Supervisory Authority and the European Central Bank.

With this move, Commerzbank aims to support its institutional customers by establishing a secure storage platform for cryptocurrency assets based on blockchain technology. The bank plans to provide services to its customers through this platform, ensuring full legal compliance.

Commerzbank, one of Germany's leading banking institutions, had previously announced its application for a local cryptocurrency license earlier this year. This step drew attention as a major bank in the country ventured into cryptocurrencies for the first time.