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Germany-based bank Commerzbank has announced applying for a Federal Financial Supervisory Authority (BaFin) license for a crypto custody business.
Commerzbank intends to offer the planned custody services primarily to institutional customers. According to a Commerzbank representative, the bank aims to help shape emerging digital ecosystems with regard to custody and trading in non-physical assets. The bank also entered a cooperation with Deutsche Börse and Fin-Tech 360x in Spring 2021. In addition, the representative adds that the bank is pursuing its own digital asset strategy and is planning its own offerings for their customers in the coming years.
Accordingly, Commerz Ventures, the venture capital division of Commerzbank, has already launched its third fund in 2022, which raised EUR 300 million. The investment focus of which is on companies from areas including climate fintech, insurtech, and startups with a focus on cryptotechnology or decentralised finance (DeFi). In addition to Commerzbank, 24 other financial institutions are still waiting for their crypto custody licenses to be issued. So far, only four companies have received it, including Coinbase Germany, Kapilando, Tangany, and most recently Upvest.
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