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Cryptocurrency News Articles
German Banks Embrace Cryptocurrency Services as Commerzbank Partners with Crypto Finance
Sep 20, 2024 at 12:02 am
Commerzbank, one of Germany's largest financial institutions, is making significant strides into cryptocurrency by partnering with Crypto Finance
Commerzbank, Germany’s second-largest financial institution, has announced a partnership with Crypto Finance, a subsidiary of the Swiss stock exchange operator SIX, to offer Bitcoin (BTC) and Ethereum (ETH) trading services to its corporate clients.
According to a press release, Commerzbank will also provide custody solutions for digital currencies, while Crypto Finance will handle the trading aspect. The collaboration marks a significant entry into cryptocurrency by a major German bank.
Commerzbank to Offer Crypto Custody Services
The initiative will enable German corporations to participate more actively in the growing digital asset market. The bank noted that it has implemented rigorous measures to ensure the safety of its users’ transactions and assets.
The partnership is part of a broader trend within the financial sector, where established banks and institutions are increasingly embracing digital currencies. This move is expected to attract a broad range of investors, from seasoned traders to those new to the cryptocurrency market.
German Bank to Offer Crypto Custody Services
In related news, Landesbank Baden-Wűrttemberg, the largest federal bank in Germany, is set to introduce cryptocurrency custody services.
The bank will collaborate with Austria’s Bitpanda cryptocurrency exchange to cater to the growing demand for digital custody among its institutional clients.
Several German Banks Offering Crypto Services
Landesbank Baden-Wűrttemberg's move reflects a trend among German banks toward embracing cryptocurrency services.
Deutsche Bank has been exploring digital asset custody services since September 2023, collaborating with Swiss crypto startup Taurus.
Additionally, DZ Bank, Germany’s second-largest bank, intends to pilot a crypto trading platform later in 2023. This follows the launch of its digital asset custody platform in November 2023.
The initiatives align with the forthcoming Markets in Crypto-Assets (MiCA) regulatory framework, which will come into full effect in December 2024.
Brazil’s Largest Bank Opens Bitcoin Trading for All
Meanwhile, in Brazil, Itau Unibanco, the country’s largest bank, has expanded its cryptocurrency trading services to all users.
As reported by TheCoinRise, the development enables customers to purchase BTC and ETH through Ion, the bank’s in-house investment platform.
The bank’s decision to open cryptocurrency trading to all its customers reflects the growing demand for digital assets.
According to a bank executive, they have started considering other cryptocurrencies and will add them gradually based on customer demand and regulatory approval.
This strategic move enhances customer retention and aims to attract new clients who are interested in exploring digital assets.
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