Commerzbank Wants to offer Crypto to Institutional Investors

As the news portal Finbold reported, Commerzbank submitted a custody license application to BaFin in order to be able to legally manage the financial resources of customers in Germany. However, Commerzbank is targeting institutional clients for the time being. Thus, the bank is the twenty-fifth company that submitted such an application to the supervisory authority.

Commerzbank and the crypto adaptation

This step seems to be part of a comprehensive crypto strategy of the bank, which serves more than 11 million private customers in Germany. About a year ago, the bank invested in various blockchain and crypto projects together with Deutsche Börse. Since 2017, the research and development unit of the Commerzbank Group, the Main Incubator, has also been working with blockchain-based technologies for their possible areas of application. The group has already issued a few euros on a blockchain and worked with Daimler on automated payment systems for cars and petrol stations. In addition, the team also sees great potential for blockchain technology in the money market and in trading transactions.

What about other banks?

Not only Commerzbank, but also other banks are already working on offering Bitcoin to their customers. The Savings Bank wants to sell Bitcoin to its private customers according to the regional principle. Each bank should decide for itself whether and how to offer crypto to customers in a certain area or not. The integration of cryptocurrencies other than Bitcoin is not planned at the moment.

Volksbank Raiffeisen Bank also wants to offer Bitcoin to its customers in the future. Other cryptocurrencies are also too risky for the bank. There are already teams of consultants who help customers to buy Bitcoin and store the corresponding keys themselves. Who would have ever thought that banks would help their customers not to have to use a bank?

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