Crypto adoption in Germany continues to progress as more and more banks see the opportunities that cryptocurrencies enable. In addition to Sparkasse, Commerzbank is now working to offer crypto to its customers.

Commerzbank is setting up a custody license application with BaFin to be able to legally manage customers’ funds in Germany. Commerzbank is targeting institutional clients for the first time. This makes the bank the twenty-fifth company to submit such an application to the regulator.

The move appears to be part of a broader crypto strategy for the bank, which serves more than 11 million retail customers in Germany. About a year ago, the bank invested in various blockchain and crypto projects together with Deutsche Börse. In addition, since 2017, Commerzbank Group’s research and development unit, the Main Incubator, has been working with blockchain-based technologies for their potential applications. The group already issued some euros on a blockchain and worked with Daimler on automated payment systems for cars and gas stations. In addition, the team also sees great potential for blockchain technology in the money market and trading transactions.