Quick take:
- The two companies will initially offer Bitcoin and Ether trading to existing Commerzbank corporate clients in Germany.
- Commerzbank received a Crypto Custody Licence in Germany in November last year.
- This announcement comes just two weeks after Crypto Finance reached a similar agreement with Zürcher Kantonalbank in Switzerland.
Crypto Finance, a subsidiary of Germany’s biggest stock exchange is teaming up with the country’s biggest bank by the number of branches Commerzbank (CBK) to offer digital asset trading services.
Commerzbank, which received a crypto custody license in Germany last year will provide custody services, while Crypto Finance will enable digital assets trading. According to the announcement, the two companies will initially offer Bitcoin and Ether trading to Commerzbank clients in the country.
This is in line with the bank’s initial plan of establishing a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.
The announcement comes just two weeks after Crypto Finance reached a similar agreement with Zürcher Kantonalbank (ZKB) in Switzerland.
Commenting on the announcement, Gernot Kleckner, head of capital markets for corporate clients at Commerzbank said in a statement: “Our offering in digital assets, enables our corporate clients to seize the opportunities presented by bitcoin and ether for for the first time. Our joint solution represents the highest level of security in the trading and custody of crypto assets, which is also a standard we also share with the Deutsche Boerse Group.”
Stijn Vander Straeten, Chief Executive Officer of Crypto Finance added: “With a solution tailored to Commerzbank, we are reinforcing our commitment to offering secure digital asset solutions across Europe. We are very much looking forward to the collaboration and to supporting the growing demand for institutional crypto services in Germany and the EU.”
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