Commerzbank Partners with Crypto Finance for Digital Asset Integration in Corporate Banking
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Commerzbank has partnered with Deutsche Börse subsidiary Crypto Finance to launch a new service offering cryptocurrency trading and custody solutions for its corporate clients.
The partnership aims to provide Commerzbank’s customers with regulated access to digital assets, starting with Bitcoin and Ether, the bank said in a Wednesday press release.
“The joint service will initially focus on bitcoin and ether, targeting selected existing Commerzbank corporate clients in Germany,” the announcement said.
Under the arrangement, Commerzbank will handle the custody of digital assets.
Meanwhile, Crypto Finance, a Swiss-based company regulated by FINMA and licensed by Germany’s BaFin, will manage the trading services.
“Our digital asset offering enables corporate clients to seize the opportunities presented by Bitcoin and Ether for the first time,” Gernot Kleckner, Divisional Board Member for Capital Markets in the Corporate Clients segment at Commerzbank, said.
“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 Börse Group.”
This isn’t Commerzbank’s first foray into the world of blockchain and digital assets.
The bank has an ongoing partnership with Deutsche Börse through the 360x joint venture, which focuses on the tokenization of real estate, art, and music.
Commerzbank is also part of the Commercial Bank Money Token project, which explores tokenized deposits.
The move comes as other German banks, including LBBW and DZ Bank,
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