One of the largest banking concerns in Germany, Commerzbank, has sent an application to BaFin for a license for a cryptocurrency custodian. Börsen-Zeitung writes about this concerning a representative of a credit institution.
According to the announcement, if approved, Commerzbank will also be allowed to provide services related to the exchange and protection of digital assets.
Under current German law, companies wishing to conduct business in the crypto space must register with BaFin. Only four organizations received relevant licenses.
Commerzbank has long been interested in blockchain technology and cryptocurrencies. In 2018, the concern tested transactions on the Corda platform.
In 2020, the organization led a funding round for cryptocurrency storage infrastructure provider Curv.