Commerzbank Partners with Crypto Finance

Commerzbank has partnered with the Deutsche Börse subsidiary Crypto Finance to introduce a new service that provides corporate clients with cryptocurrency trading and custody solutions.

Commerzbank announced in a press release on Wednesday that the partnership is designed to offer its customers regulated access to digital assets, beginning with Bitcoin and Ether.

The announcement stated that the joint service will initially concentrate on Bitcoin and ether, explicitly focusing on selected Commerzbank corporate clients in Germany.

Commerzbank to Manage Custody

Commerzbank will be responsible for the custody of digital assets under the terms of the agreement.

In the interim, the trading services will be overseen by Crypto Finance, a Swiss-based corporation licensed by Germany’s BaFin and regulated by FINMA.

Gernot Kleckner, Divisional Board Member for Capital Markets in the Corporate Clients segment at Commerzbank, stated, “Our digital asset offering allows corporate clients to capitalize on the opportunities presented by Bitcoin and Ether for the first time.”

“We also share a standard with the Deutsche Börse Group, which is that our joint solution represents the highest level of security in the trading and custody of crypto assets.”

Commerzbank has previously explored the realm of digital assets and blockchain technology.

The bank maintains an ongoing partnership with Deutsche Börse through the 360x joint venture, which concentrates on tokenizing real estate, art, and music.

Commerzbank also participates in the Commercial Bank Money Token initiative, which investigates tokenized deposits.

The announcement coincides with the preparations of other German institutions, such as LBBW and DZ Bank, to provide corporate clients with crypto services.

Bitpanda and Landesbank Baden-Württemberg (LBBW), Germany’s dominant federal bank, partnered in April to offer cryptocurrency custody services. The service is anticipated to be launched later this year.

Taurus, a Swiss crypto infrastructure company, partnered with Deutsche Bank last year to provide its clientele with tokenized offerings and cryptocurrency custody services.

Deutsche Bank has been increasing its involvement in the cryptocurrency sector in recent years.

In June 2023, as part of its ongoing strategy to offer its clients access to cryptocurrency markets and assets, it applied for a digital asset custody license from Germany’s financial authority.

Germany Is the European Leader in Crypto Adoption

Western Europe has become a prominent region in global crypto adoption, attracting many daily traders, with a range of 1.2 million to 1.5 million individuals, as previously reported.

Austria has experienced the most significant annual growth, with a remarkable 70% rise in users, while Germany and France are at the forefront of activity in the region.

It is important to note that Gen Z and Millennials are at the forefront of cryptocurrency adoption in Europe, as per a YouGov research commissioned by the crypto exchange Bitpanda.

Switzerland, Austria, France, Germany, and Italy comprised the five nations examined in the survey.

According to the survey, Switzerland was designated as the nation with the highest level of digital currency ownership, with 23% of its population possessing digital currencies.

Austria and France follow with 18% and 14%, respectively. Germany and Italy are behind, with 11% and 9%, respectively.