Cryptocurrency markets have been attracting more attention from institutional investors lately, and global giants are taking action. The world’s largest asset manager, BlackRock, has officially applied for spot BTC and ETH ETFs. Trillion-dollar Fidelity has been pursuing its ETF goal for years. Now, Germany’s second largest bank is also taking action.
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Global giants are taking significant steps in the field of cryptocurrencies. Commerzbank has just announced that it has obtained a cryptocurrency custody license. A spokesperson for Commerzbank told Dow Jones Newswires that the license was issued by the Federal Financial Supervisory Authority of Germany and the European Central Bank.
Commerzbank, the first full-service bank in Germany to be awarded this license, represents an important beginning for its cryptocurrency services. The announcement on the bank’s official website states:
“The bank’s initial step is to establish a secure and reliable platform with full legal compliance to support its corporate customers by providing custody for blockchain-based crypto assets. Now that we have obtained the license, we have reached a significant milestone. This highlights our ongoing commitment to implementing the latest technologies and innovations and forms the foundation for supporting our customers in the field of digital assets.”
Although the price of Bitcoin did not experience a significant increase following the news, it is expected that such important steps will have serious consequences on the markets in the long run.
