Commerzbank
German Commerzbank First to Apply for Crypto Licence in the Country – Blockchain News, Opinion, TV and Jobs
Published
2 years agoon
By
admin![](https://blocknewsmedia.com/wp-content/uploads/2022/04/commerzbank.jpg)
One of the largest banking institutions in Germany, the ‘Commerzbank’ has been trending in the news this morning, confirming that it applied for a local crypto license earlier this year, marking the first time a major bank has made a move toward cryptocurrencies in the country.
A representative from Commerzbank confirmed to local media outlet Börsen-Zeitung that it “applied for the crypto custody license in the first quarter of 2022.” If approved, the bank would be authorized to offer exchange services and custody and protection of crypto-assets.
The bank, with 18 million customers and over 70,000 institutional clients, has plans to target its institutional client base with its crypto offerings.
Mikkel Morch, Executive Director at crypto/digital asset hedge fund ARK36, has looked into this move and what it could mean for the country and the cryptocurrency sector,
“Reports of banks applying for a crypto license have cropped up recently in jurisdictions with progressive regulatory regimes that allow for it. Last week, such an application was submitted by a bank in Portugal. Now, one of the largest banks in Germany wants to offer crypto custody and exchange services. Where traditional and large banks until very recently have seen cryptos as competition and shied away from it, we now start to see adoption even from some of the most conservative players in the banking field.
These moves can be interpreted as the beginnings 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. From both a technological and a marketing perspective, crypto has already become the next big thing, so to speak.
Inevitably, this will only speed up the adoption of crypto as a mainstream financial service. However, it also shows that the demand for it is already so high across the whole spectrum of banking clients that it compels entities that were previously hostile to crypto to completely change course. You cannot resist change and crypto is the change unfolding in real time.”
Worldwide, more and more big banks have recently decided to invest in crypto, as there is an opportunity for serious gains. With cryptocurrencies dominating an ever expanding sector of the economy, there is lots of potential for big earnings. Cryptocurrencies have proven to be quite stable over the long term now, and it is becoming more clear that crypto and blockchain are not going to go away any time soon anymore. It is now becoming evident that big institutions aren’t going to shy away from the potential gains, despite the volatility risks.
Source link
You may like
Multicoin Capital pledges up to $1m to pro-crypto Senate candidates
MATIC Price Crash: Reaching A Two Year Low
Multicoin Pledges up to $1M for Pro-Crypto Senate Candidates
Crypto heists near $1.4b in first half of 2024: TRM Labs
FTX Founder Sam Bankman-Fried’s Family Accused Of $100M Illicit Political Donation
Bitcoin Price Falls as Mt Gox Starts Repayments
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Corruption-USA02.webp-80x80.webp)
Multicoin Capital pledges up to $1m to pro-crypto Senate candidates
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Matic-price-hits-All-Time-Low.webp-80x80.webp)
MATIC Price Crash: Reaching A Two Year Low
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/3BZLW3XKLFCSBJVHRVCWSUVUSU-80x80.jpg)
Multicoin Pledges up to $1M for Pro-Crypto Senate Candidates
![](https://blocknewsmedia.com/wp-content/uploads/2024/06/crypto-news-Five-Recent-API-Hacks-in-Crypto06.webp-80x80.webp)
Crypto heists near $1.4b in first half of 2024: TRM Labs
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/SBF3-80x80.jpeg)
FTX Founder Sam Bankman-Fried’s Family Accused Of $100M Illicit Political Donation
![](https://blocknewsmedia.com/wp-content/uploads/2024/06/mt-gox-80x80.jpg)
Bitcoin Price Falls as Mt Gox Starts Repayments
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/a_6a6e66-80x80.jpg)
20% Price Drop Follows $87 Million Spending Outrage
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Mt-Gox-announced-the-start-of-payments-option03.webp-80x80.webp)
More than 10 years since the collapse of Mt. Gox, users confirm reimbursements
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Taiwan-Mobile.webp-80x80.webp)
Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/here-are-render-jason-80x80.jpg)
Here Are Price Targets for Bitcoin, Solana, and Render, According to Analyst Jason Pizzino
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Black-Rock-Bitcoin-option01.webp-80x80.webp)
Bitcoin price plunges below $55k as Mt. Gox announces repayments
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-08.25.06-1-80x80.jpeg)
Jasmy Sheds 20% Amid Bitcoin Sell-Off
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-internal-revenue-service-IRS-options01.webp-80x80.webp)
Are they a good thing?
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Bitcoin-Fees_shutterstock_2162884391-gID_7-80x80.jpg)
Mt. Gox Transfers $2.7 Billion in Bitcoin From Cold Storage Amid Market Rout
![](https://blocknewsmedia.com/wp-content/uploads/2024/07/chart-71-80x80.jpeg)
What’s Next For Ethereum (ETH) as Price Hovers $3,000?
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/1656437120_shutterstock_1736086877-80x80.jpg)
Bitcoin Dropped Below 2017 All-Time-High but Could Sellers be Getting Exhausted? – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/07/coinbase-shutterstock_1866715066-80x80.jpg)
What does the Coinbase Premium Gap Tell us about Investor Activity? – Blockchain News, Opinion, TV and Jobs
BNM DAO Token Airdrop
![](https://blocknewsmedia.com/wp-content/uploads/2023/03/ETH-NFT-shutterstock_1944183022-80x80.jpg)
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/btcsmall-1-1-80x45.png)
A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
New Minting Services
![](https://blocknewsmedia.com/wp-content/uploads/2022/10/maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2023/02/SEC-shutterstock_1625495629-80x80.jpg)
SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/08/Green-mining-Shutterstock_1981391501-80x80.jpg)
Friends or Enemies? – Blockchain News, Opinion, TV and Jobs
![](https://blocknewsmedia.com/wp-content/uploads/2022/06/0BK4KOQfADYNvpEKU-80x80.png)
Enjoy frictionless crypto purchases with Apple Pay and Google Pay | by Jim | @blockchain | Jun, 2022
![](https://blocknewsmedia.com/wp-content/uploads/2023/09/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8zZmE3ZTQzYzVmNTkwYTA0ZDA1MWZlY2EwZGY4YjA2OS5qcGc-80x80.jpg)
How Web3 can prevent Hollywood strikes
![](https://blocknewsmedia.com/wp-content/uploads/2023/02/maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2022/07/1657766796_maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2023/02/maxresdefault_live-80x80.jpg)
Block News Media Live Stream
![](https://blocknewsmedia.com/wp-content/uploads/2023/07/iStock-1349331161-80x80.jpg)
XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board
Trending
- Altcoins2 years ago
Bitcoin Dropped Below 2017 All-Time-High but Could Sellers be Getting Exhausted? – Blockchain News, Opinion, TV and Jobs
- Binance2 years ago
What does the Coinbase Premium Gap Tell us about Investor Activity? – Blockchain News, Opinion, TV and Jobs
- Uncategorized3 years ago
BNM DAO Token Airdrop
- BTC1 year ago
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
- Bitcoin miners2 years ago
A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
- Uncategorized3 years ago
New Minting Services
- Video2 years ago
Block News Media Live Stream
- Bitcoin1 year ago
SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs