German lender Commerzbank has teamed up with Crypto Finance, a Deutsche Börse subsidiary, to provide corporate clients with crypto trading and custody services.
This follows Commerzbank’s 2023 acquisition of a crypto custody license. Under the partnership, Commerzbank will manage crypto asset custody while Crypto Finance handles trading, according to a release on Sept. 19.
Gernot Kleckner, a senior executive at Commerzbank, highlighted the offering as a secure way for corporate clients to explore opportunities in Bitcoin and Ethereum.
The move comes in response to growing demand for regulated crypto services in Germany, where Crypto Finance has expanded after securing four licenses from Germany’s Federal Financial Supervisory Authority.
This isn’t the first collaboration between Commerzbank and Deutsche Börse in the digital asset space. In 2021, they partnered on a blockchain-based marketplace to tokenize assets like real estate and art, alongside fintech firm 360X.
Germany’s banking sector has become increasingly involved in crypto, with DZ Bank, the country’s second-largest lender, set to launch a crypto trading pilot for retail customers later this year. This pilot will allow cooperative banks to offer direct digital asset trading to their customers.
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