Commerzbank AG announced it was able to secure a cryptocurrency custody license in Germany. It has now become the first major bank in the country to obtain this type of permit which will allow it to move ahead with its intention of establishing a wide range of digital asset services.

As per CoinTelegraph, Commerzbank’s new crypto custody license will also enable the company to further expand its digital asset offerings to include some custodial services.

This is sort of an accomplishment for the commercial banking group as it is the first to be approved for such services by the German regulators.

Next Move After Crypto License Approval

The firm’s chief operating officer, Jörg Oliveri del Castillo-Schulz, also said that having the license is an important milestone for them. In any case, Commerzbank explained it was granted the license under the legal framework of the German Banking Act. It can now provide custody of crypto assets to customers aside from services related to virtual assets.

The bank added that since it is already cleared for crypto business operations, it will move ahead and take steps to set up a platform that is secure and reliable as well. It will also make sure that it will fully comply with the regulations while carrying out its crypto and blockchain business.

“Now that we have been granted the license we have achieved an important milestone,” he said in a press release. “This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets.”

Targeted Clients for Its Crypto Services

Commerzbank will not only widen its digital assets services but will also work on security and use blockchain technology for comprehensive and safer custody services. It will adopt advanced technologies and innovations for better customer experience too.

Meanwhile, the bank is targeting institutional and corporate clients for its new offerings. Commerzbank’s first available product will be a custody service for the cryptocurrencies Bitcoin (BTC) and Ether (ETH).

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