Commerzbank scores crypto custody license in Germany

Commerzbank is the latest German bank to get the nod of approval for crypto custody services


MDart10/Shutterstock modified by Blockworks


German bank Commerzbank is the first “full-service bank” to receive a crypto custody license, according to a press release on Wednesday.

The bank was granted the license under the German Banking Act (KWG). 

Commerzbank can now offer digital asset services, and the bank plans to “establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.”

“We have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” said Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank.

Commerzbank first revealed its interest in crypto services back in April of 2022. It applied for a license with BaFin back in January of last year.

While Commerzbank is the first, it’s not the only bank in Germany interested in crypto custody. Back in September, Deutsche Bank’s Paul Maley told Blockworks that it wants to offer corporate and institutional clients custody of “selected cryptocurrencies and some stablecoins.”

It partnered with Swiss crypto firm Taurus to provide custody and tokenization services for institutional clients.

Deutsche Bank applied to provide crypto custody services with the German financial regulator back in June.

BaFin also granted crypto custody firm BitGo a license earlier this month, with BitGo’s Matt Ballensweig telling Blockworks that the firm moving forward is seeking to “broaden our reach into different segments of the market.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


As of Wednesday, the US government had seized Sinbad’s website


Cross-chain protocol’s product development-focused unit Wormhole Labs formally launches following $225 million raise


Accredited and non-accredited investors worldwide will be able to purchase the Note starting Dec. 6 on US-regulated trading platform INX


Bitcoin’s next halving is less than five months away. History says they’re bullish but will this time be different?


Merger is set to allow the combined business to “flex between our different lines of business,” Hut 8 CEO says


Agency’s decision to start comment window earlier than expected could be bullish for spot bitcoin ETF approval in January, industry watchers say