Commerzbank has applied for a cryptocurrency custody license

As the cryptocurrency industry expands globally and across industries, banking institutions are facing growing customer demand to provide services related to cryptocurrencies and invest in a secure and regulated manner.

Germany-based Commerzbank is among the banks that have taken the first steps to offer services related to digital assets, having announced an application for a cryptocurrency custody license from the country's Federal Financial Supervisory Authority (BaFin).

According to a Commerzbank spokesperson, the bank "applied for a cryptocurrency custody license" for the first quarter of 2022, "as first reported by Börsen-Zeitung on April 14.