Commerzbank CBK, Germany’s second-largest listed bank, applied for a crypto license, in a purpose to get authorization to offer exchange services along with custody and protection of crypto-assets. It will be the first major bank in Germany to move towards crypto adoption.
“This could be interpreted as the beginnings of a race within the traditional banking field to gain a competitive edge by being the first entity in its local market to offer crypto services.” -Mikkel Morch, executive director at crypto/digital asset hedge fund ARK36CoinDesk
Morch stated that the demand is so high across the whole spectrum of banking clients, and that will compel entities that were previously hostile to crypto to completely change course. BaFin, Germany’s Federal Financial Supervisory Authority, has received 25 applications for approval as a crypto custodian so far, but only approved four. Now Commerzbank has applied for the license and wants to help shape emerging digital ecosystems, especially with regard to custody and trading in non-physical assets.