Germany’s Commerzbank is set to launch Bitcoin and Ethereum trading to its customers. The Geman Bank will offer these crypto trading services through Crypto Finance, a subsidiary of Deutsche Börse. This development greatly boosts Bitcoin and Ethereum adoption in the country, as the Bank boasts around 26,000 corporate client groups.
Commerzbank To Offer Bitcoin Trading Services To Customers
The German Bank has partnered with Crypto Finance, a Deutsche Börse stock exchange subsidiary, to offer Bitcoin and Ethereum exposure to its corporate clients. Crypto Finance announced that both firms will initially provide these services to selected existing Commerzbank corporate clients in Germany.
The “strategic partnership” will involve the German Bank managing the custody of these assets while Crypto Finance will ensure secure and seamless trading of these assets.
Both firms noted that this collaboration aims to provide Commerzbank’s corporate clients “seamless and secure” access to crypto assets without needing to forgo established and regulated structures and partners. Commerzbank isn’t new to the crypto space. In November 2023, it became the first German universal Bank to obtain a crypto custody license.
Therefore, the German Bank can offer several digital asset-related services, including crypto assets custody. Crypto Finance has also been in the digital assets sector since 2017, providing regulated and secure trading and custody services. The Switzerland-based firm recently expanded its presence to Germany and has already gained the licenses to offer crypto services to all institutional clients in the country.
The Chance To Benefit From The Bitcoin And Ethereum Opportunity
Speaking on this development, Gernot Kleckner, a senior executive at Commerzbank, explained how this partnership will allow their corporate clients to seize the opportunities presented by Bitcoin and Ethereum for the first time. He assured that his firm and Crypto Finance would offer a joint solution that “represents the highest level of security in the trading and custody of crypto assets.
Crypto Finance CEO Stijn Vander Straeten stated that the partnership is an “important milestone” for them, enabling them to offer regulated crypto services to more German companies and institutions.
The CEO remarked that this collaboration reinforces their commitment to providing secure digital asset solutions across Europe. He added that they look forward to supporting the growing demand for institutional crypto services in Germany and the EU.
This partnership between Commerzbank and Crypto Finance will undoubtedly help to boost institutional crypto adoption. Interstingly, Binance CEO Richard Teng recently mentioned that institutional allocation to crypto so far is just the “tip of the iceberg,” suggesting that there will be an influx of institutional investors soon enough.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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