German Banking Giant Commerzbank Now Offers Crypto Trading and Custody Services
Coinspeaker
German Banking Giant Commerzbank Now Offers Crypto Trading and Custody Services
Commerzbank, one of Germany’s largest financial institutions, has officially expanded its offerings to include cryptocurrency custody and trading services after years of observation from the sidelines.
According to an official announcement on Thursday, the bank has partnered with Crypto Finance, the digital asset arm of Deutsche Börse, to provide these services to its corporate clients. Initially, the company will support Bitcoin BTC $62 894 24h volatility: 5.1% Market cap: $1.24 T Vol. 24h: $50.06 B and Ethereum ETH $2 437 24h volatility: 5.8% Market cap: $293.28 B Vol. 24h: $21.17 B , two of the largest cryptocurrencies by market capitalization, with plans to expand to additional assets in the future.
Instructional Focus
The new crypto services will be exclusively available to Commerzbank’s institutional customers. As part of this offering, the bank will act as the custodian for the digital assets.
According to the announcement, the firm will provide a compliant, secure platform designed to protect users’ funds from malicious actors and cyber threats, which are prevalent in the crypto market.
Recall that, Commerzbank secured a banking license in November 2023 from German authorities, enabling it to offer a full suite of crypto-related services, including custody solutions.
Following the license approval, the bank has now fully entered the crypto space with its partnership with Deutsche Börse’s Crypto Finance. The platform was launched in 2017 to serve institutional investors with trading and custody solutions.
However, under the terms of the partnership with Commerzbank, Crypto Finance will handle trading services, while the bank will focus on the custodianship of assets.
Crypto Finance will develop a new solution tailored specifically for Commerzbank to provide a seamless trading experience to the bank’s users who will be purchasing both BTC and ETH for the first.
“With a solution tailored to Commerzbank, we are reinforcing our commitment to offering secure digital asset solutions across Europe. We are very much looking forward to the collaboration and to supporting the growing demand for institutional crypto services in Germany and the EU,” said Stijn Vander Straeten, CEO of Crypto Finance.
A Significant Milestone in Germany’s Crypto Market
Straeten also highlighted that the partnership with Commerzbank represents a major milestone, as it grants more users in Germany access to regulated crypto services. Germany has long been recognized for its open stance on crypto adoption.
According to the Crypto Adoption Index by Statista, the country ranked among the top 20 nations globally for digital asset adoption in 2022. The ranking was based on various factors, including transaction volumes and engagement in both centralized and decentralized activities.
However, Germany dropped out of the top 20 in 2023. Despite this decline, banks in the region remain committed to embracing the crypto economy.
Earlier today, DZ Bank, Germany’s second-largest financial institution, announced a partnership with Boerse Stuttgart Digital to offer crypto services to institutional clients.
According to the announcement, this agreement will enable DZ Bank’s 700 cooperative institutions to provide their retail customers with the ability to trade and securely store cryptocurrencies in licensed fiduciary custody.next
German Banking Giant Commerzbank Now Offers Crypto Trading and Custody Services
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump aims to unify TradFi and crypto regulation: Franklin CEO
Share link:In this post: Franklin Templeton CEO Jenny Johnson predicts that the Trump administration will work toward clearer digital asset regulations. Johnson highlighted blockchain’s ability to revamp the financial industry, forecasting that ETFs and mutual funds will eventually be built on blockchain. Johnson likened the crypto industry’s growth trajectory to the dot-com boom.
TRON (TRX) becomes the third-largest holding of World Liberty Financial
Share link:In this post: The founder of TRON Justin Sun praised World Liberty Fi for its exposure to TRX. The DeFi project by the Trump family mostly focused on the Ethereum ecosystem, adding TRX as the only other L1 token. WLFI is closer to its goal of selling 25B tokens, after the success of the TRUMP meme coin.
Largest PC gaming community on reddit blacklisted Elon Musk’s X
Share link:In this post: The largest PC gaming community on Reddit recently announced that it is banning X. The reason is the “increasingly less moderated” and “hateful” mindset of the platform. The ban is only on directly linking to the posts on X.
JUSDT now launched for futures trading and trading bots