Commerzbank has joined forces with Crypto Finance, a subsidiary of Germany’s largest bank, Deutsche Börse, to introduce a new service that offers cryptocurrency trading and custody solutions tailored for its corporate clients.
This collaboration aims to provide Commerzbank’s customers with regulated access to digital assets, beginning with Bitcoin and Ether. According to a press release issued on Thursday, the service will initially focus on these two cryptocurrencies and will target select existing corporate clients in Germany.
As part of the agreement, Commerzbank will oversee the custody of digital assets. Gernot Kleckner, Divisional Board Member for Capital Markets in the Corporate Clients segment at Commerzbank, stated,
“Our digital asset offering allows corporate clients to capitalize on the opportunities presented by Bitcoin and Ether for the first time. Our joint solution ensures the highest level of security in trading and custody of crypto assets, a standard we uphold alongside the Deutsche Börse Group.”
Commerzbank’s initiative responds to the growing demand for regulated crypto services in Germany, where Crypto Finance has expanded following the acquisition of four licenses from the Federal Financial Supervisory Authority. This partnership marks another collaboration between Commerzbank and Deutsche Börse in the digital asset sector.
The German banking sector is becoming increasingly involved in the crypto landscape. Recently, Deutsche Bank partnered with Austrian crypto exchange Bitpanda to streamline fiat deposits and withdrawals for Bitpanda customers in Germany. Under this agreement, Deutsche Bank will provide local bank account numbers to facilitate fiat currency transactions, though it will not engage in any direct crypto transactions. Bitpanda clarified that these accounts will not be customer-facing.
Meanwhile, in 2021, Commerzbank and Deutsche Börse collaborated on a blockchain-based marketplace aimed at tokenizing assets such as real estate and art in partnership with fintech firm 360X. Deutsche Börse CEO Theodor Weimer highlighted that the platform would facilitate the “tokenization and digitization of assets that are not tradable today.”
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