Commerzbank is a bank that provides banking services.
Commerzbank Aktiengesellschaft is a major German bank operating as a universal bank, headquartered in Frankfurt am Main. In the 2019 financial year, the bank was the second largest in Germany by the total value of its balance sheet. The bank is present in more than 50 countries around the world and provides almost a third of Germany’s trade finance. In 2017, it handled 13 million customers in Germany and 5 million customers in Central and Eastern Europe. Commerzbank is a member of the Cash Group. 15% of the shares are owned by the Federal Republic of Germany and 85% are in free float.
Under the terms of the partnership with Commerzbank, Crypto Finance will handle trading services, while the bank will focus on the custodianship of assets.
Commerzbank applied for a crypto custody business license with BaFin back in April 2022. It has become the first bank to win approval in Germany.
According to BaFin, there are at least 25 applications for the license pending. So far, only four companies in Germany have received approval for crypto custody.
