Commerzbank Has Applied For A Crypto License

Commerzbank has applied for a crypto license. This is the first time the bank has stepped in crypto.

Frankfurt-based financial giant Commerzbank has confirmed the reports in the German media that it has applied for a cryptocurrency license. In a statement to the Börsen-Zeitung Newspaper, the spokesperson of the bank stated that they have applied for a cryptocurrency custody license to the German Banks Regulation and Supervision Agency (BaFin). With the said license, the bank will also be able to act as an intermediary in cryptocurrency trading. With the application of Commerzbank, a large financial institution in Germany took the first step to operate in the cryptocurrency market. Commerzbank has around 18 million customers, of which approximately 70,000 are corporate customers. German media claimed that their cryptocurrency services are primarily aimed at institutional customers. Since the beginning of 2020, institutions that want to provide cryptocurrency services in Germany must obtain a license from BaFin. Commerzbank has been working on blockchain technology since 2018. Within the scope of these studies, it is known that he made transfers to different banks for testing purposes over blockchain. In order to provide services to its customers in this field, BaFin must approve the license application. There are 25 applications BaFin continues to evaluate for cryptocurrency services.