Key Points
- Commerzbank has partnered with Crypto Finance to offer Bitcoin and Ethereum access to corporate clients in Germany.
- Commerzbank will handle the custody of crypto assets, while Crypto Finance will manage trading services.
Commerzbank, a prominent German bank, has joined forces with Crypto Finance. Crypto Finance is a subsidiary of Deutsche Börse. The partnership aims to provide corporate clients with crypto trading and custody services. This follows Commerzbank’s acquisition of a crypto custody license in 2023.
Crypto Services for Corporate Clients
Commerzbank will be responsible for the custody of crypto assets. On the other hand, Crypto Finance will take care of trading services. Gernot Kleckner, a divisional board member for capital markets at Commerzbank, sees this as a secure opportunity. He believes corporate clients can now take advantage of the opportunities offered by Bitcoin and Ethereum.
This initiative by Commerzbank comes as demand for regulated crypto services in Germany increases. Crypto Finance has managed to expand in the German market after securing four licenses from Germany’s Federal Financial Supervisory Authority. This partnership is not the first time Commerzbank and Deutsche Börse have collaborated in the digital asset space.
Prior Collaborations and Future Plans
In 2021, Commerzbank and Deutsche Börse worked together on a blockchain-based marketplace. This marketplace was for tokenizing assets such as real estate and art. They partnered with fintech firm 360X for this project. Deutsche Börse CEO Theodor Weimer believed the platform would drive the tokenization and digitization of assets that are not tradable today.
The German banking sector has shown increased activity in the crypto space recently. DZ Bank, the second-largest lender in Germany, is also planning to launch a crypto trading pilot for retail customers later this year. This move will enable cooperative banks to offer direct digital asset trading to their customers.