Banking giant follows Itaú and announces cryptocurrency trading and custody

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Banking giant follows Itaú and announces cryptocurrency trading and custody
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Commerzbank, one of Germany’s largest banks, has announced a strategic partnership with Deutsche Börse subsidiary Crypto Finance. Through the partnership, the bank will offer cryptocurrency trading and custody services to its corporate clients.

The move follows a global trend of traditional banks embracing the cryptocurrency market. The move is similar to that made by Itaú Unibanco in Brazil, which recently began offering similar services.

Commerzbank’s new offering aims to provide its customers with a safe and regulated way to access the world of digital assets. Initially, the focus will be on the two main cryptocurrencies, Bitcoin and Ether, known for their market relevance and global acceptance.

This measure aims to meet the growing demand for cryptocurrencies among large companies and financial institutions seeking to diversify their portfolios and explore the opportunities offered by the crypto asset market.

Banking giant opens up to cryptocurrencies

The partnership between Commerzbank and Crypto Finance represents a major milestone in the institutional adoption of cryptocurrencies in Europe. While Commerzbank will be responsible for the custody of digital assets, Crypto Finance will ensure the secure execution of trades, leveraging its regulatory licenses to operate crypto trading and custody services.

Both companies are authorized by BaFin, Germany’s financial regulatory authority, to offer these services in a manner that is fully compliant with the European Union’s MiCA (Markets in Crypto-Assets Regulation) guidelines.

According to Gernot Kleckner, board member of Commerzbank, this new solution will enable the bank’s corporate clients to explore cryptocurrencies in a safe and regulated manner for the first time.

“Our digital asset offering empowers our clients to take advantage of the opportunities of Bitcoin and Ether in a secure and innovative way. The joint solution represents the highest level of security in crypto asset trading and custody,” said Kleckner.

Commerzbank is the first full-service bank in Germany to receive a crypto custody license, significantly expanding its services in the digital asset segment. With this license, the bank aims to establish itself as a leader in providing secure and regulated cryptocurrency solutions for large companies.

In turn, Stijn Vander Straeten, CEO of Crypto Finance, highlighted the importance of the partnership to expand the company’s reach.

Banking giant follows Itaú and announces cryptocurrency trading and custody

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Banking giant follows Itaú and announces cryptocurrency trading and custody

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