A German banking behemoth has implemented custody and trading services for Bitcoin and Ether
DZ Bank and LBBW are also in the process of preparing to provide corporate consumers with crypto services.
Commerzbank, a prominent German bank, has today announced that it has formed a partnership with Crypto Finance, a subsidiary of Deutsche Börse, to provide its corporate clients with trading and custody services for Bitcoin and Ether.
The new offerings are intended to appeal to clients who require secure and convenient access to digital assets, with an initial emphasis on the two most prominent crypto assets. Commerzbank will oversee the custody of digital assets as part of the partnership, while Crypto Finance will guarantee their secure trading.
The established and regulated arrangements of the two entities will be advantageous to clients. Commerzbank and Crypto Finance have both obtained the necessary licenses to provide cryptocurrency services in Germany.
Crypto Finance achieved compliance with the EU’s MiCA regulations by obtaining four licenses from BaFin for digital asset trading and custody services in February. Deutsche Börse announced the introduction of a regulated spot platform for crypto assets in March, which improved market transparency and security for institutional clients in Europe.
Commerzbank is the inaugural full-service bank in Germany to receive a Crypto Custody License. The bank is able to expand its digital asset services as a result of the license.
Gernot Kleckner, Divisional Board Member Capital Markets in the Corporate Clients segment at Commerzbank, stated that the partnership with Crypto Finance allows the bank’s clients to access and trade Bitcoin and Ether for the first time.
Kleckner stated, “Our digital asset offering allows our corporate clients to capitalize on the opportunities offered by bitcoin and ether for the first time. We also share a standard with the Deutsche Börse Group, which is that our joint solution represents the utmost level of security in the trading and custody of crypto assets.”
Straeten stated, “We are reaffirming our dedication to providing secure digital asset solutions throughout Europe by providing Commerzbank with a solution that is specifically designed for them. We are eagerly anticipating the collaboration and the opportunity to assist in the increasing demand for institutional crypto services in the EU and Germany.”
Several German banks, including LBBW and DZ Bank, are also increasing their efforts to provide crypto services at the same time as the move. The second half of this year is expected to see the implementation of crypto custody services by LBBW in collaboration with Bitpanda, a cryptocurrency exchange.
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