Commerzbank Partners with Deutsche Brse Subsidiary CryptoFinance to Offer Bitcoin and Ethereum Trading and Custody for Corporate Clients

Commerzbank Partners with Deutsche Brse Subsidiary CryptoFinance to Offer Bitcoin and Ethereum Trading and Custody for Corporate ClientsCommerzbank today announced a partnership with CryptoFinance, a subsidiary of Deutsche Brse, to offer trading and custody services for Bitcoin and Ethereum to corporate clients. This move marks a further expansion of Commerzbanks digital asset services following the receipt of its cryptocurrency custody license in November 2023

Commerzbank Partners with Deutsche Brse Subsidiary CryptoFinance to Offer Bitcoin and Ethereum Trading and Custody for Corporate Clients

Commerzbank today announced a partnership with CryptoFinance, a subsidiary of Deutsche Brse, to offer trading and custody services for Bitcoin and Ethereum to corporate clients. This move marks a further expansion of Commerzbanks digital asset services following the receipt of its cryptocurrency custody license in November 2023. The new offering, under this collaboration, will focus on the two leading cryptocurrencies, aiming to serve corporate clients seeking safe and convenient access to digital assets.

Under the partnership framework, Commerzbank will manage custody of the digital assets, while CryptoFinance ensures their secure trading. Clients will benefit from the established and regulated business structures of both companies. Both Commerzbank and CryptoFinance have obtained the necessary licenses to offer crypto services in Germany.

In February, CryptoFinance received four licenses for digital asset trading and custody services from the Federal Financial Supervisory Authority (BaFin), ensuring its operations align with the EU MiCA regulations. In March, Deutsche Brse launched a regulated spot platform for crypto assets, enhancing market transparency and security for institutional clients in Europe.

Commerzbank is the first full-service bank in Germany to obtain a cryptocurrency custody license, opening the door to expand its digital asset services. Speaking about the partnership with CryptoFinance, Gernot Kleckner, Board Member of the Capital Markets division at Commerzbanks Corporate Clients department, stated that this marks the first time bank clients can trade Bitcoin and Ethereum.

Our digital asset services make it possible for our corporate clients to leverage the opportunities of Bitcoin and Ethereum for the first time. Our joint solution represents the highest safety standards for trading and custody of crypto assets, which we share with the Deutsche Brse Group, said Gernot Kleckner, Head of Capital Markets for Corporate Clients at Commerzbank.

Stijn VanderStraeten, CEO of CryptoFinance, said the partnership will help the company expand its reach to more companies and institutions in Germany, providing them with regulated crypto services. "With a tailored solution for Commerzbank, we are strengthening our commitment to providing secure digital asset solutions across Europe," stated Straeten. "We are looking forward to this collaboration and supporting the growing demand for institutional crypto services in Germany and the EU.

Currently, several German banks, including LBBW and DZBank, are actively expanding their cryptocurrency services. LBBW plans to partner with crypto exchange Bitpanda, aiming to launch cryptocurrency custody services in the second half of this year.

Key Highlights of the Partnership:

• Security and Reliability: Both Commerzbank and CryptoFinance hold relevant licenses, ensuring safe trading and custody services.

• Professional Service: Commerzbank handles custody, while CryptoFinance ensures secure trading, offering clients a comprehensive service.

• Market Leaders: The partnership focuses on Bitcoin and Ethereum, providing corporate clients with convenient access to mainstream digital assets.

• Business Expansion: Commerzbank will further expand its digital asset services, meeting the growing demand for crypto assets among corporate clients.

• Industry Trend: Several German banks are actively expanding their cryptocurrency services, indicating the industry trend.

Significance of the Partnership:

This partnership signifies a deep integration of traditional financial institutions with the digital asset sector, offering secure, convenient, and compliant crypto asset services to corporate clients. This will further drive the development of the digital asset market in Germany and Europe, creating more opportunities for investors and institutional clients.

Future Outlook:

Expect more partnerships between traditional financial institutions and digital asset companies in the future, delivering more comprehensive crypto asset services. With maturing regulations and technological advancements, the digital asset market is poised for continued growth, bringing more value to investors and businesses.