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According to a spokeswoman for Commerzbank (CBK), the German bank sought for an initial coin offering (ICO) license early this year. It is the first big German bank to begin embracing cryptocurrency.

With regard to non-physical assets, Commerzbank has stated that it aims to assist shape the growing digital ecosystems.

The Deutsche Börse and Fin-Tech 330x collaborated with us in the spring of 2021 to achieve this goal. As a result, we're following our own digital asset strategy, and we're also preparing new products and services for our clients in the future. For the safety of crypto assets, we've asked for a Bafin license. Bernd Reh, Commerzbank's senior spokesperson, stated, "The future offer is first targeted at institutional clients."

Local media source Börsen-Zeitung first reported that a spokeswoman from the bank confirmed on April 14 that it “applied for the crypto custody license in the first quarter of 2022.”

Exchange services and crypto-asset storage and preservation are the main goals of this program.

Deutsche Commerzbank is Germany's second-largest publicly traded bank.

Germany has brought forth a new rule, starting Jan. 1, 2020, that will incentivize German banks to provide crypto services. Anyone who wanted to sell crypto services in Germany had to apply for a license from BaFin, the German Federal Financial Supervisory Authority.

As a crypto custodian, BaFin has received 25 applications but has only accepted four of them.

The beginning of a race within the traditional banking field to gain a competitive edge by being the first entity in its local market to offer crypto services, according to Mikkel Morch, executive director at crypto/digital asset hedge fund ARK36, who spoke about the development. "Demand is so high across the entire spectrum of banking clients that it compels entities that were previously hostile to crypto to complete," said Morch.

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