As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Commerzbank receives crypto custody license from German regulators

Commerzbank receives crypto custody license from German regulators

Publish Date: 16/11/2023
w, tags: commerzbank crypto custody german - images.unsplash.com

w – images.unsplash.com

Commerzbank, a major German bank, recently announced that it had become the first full-service German bank to obtain a crypto custody license from regulators.

“Commerzbank is the first German full-service bank to be granted the Crypto Custody Licence pursuant to Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG). The licence will enable the Bank to build up a broad range of digital asset services, with particular emphasis on crypto assets,” said Commerzbank in a press release.

The license enables the bank to offer a wide array of digital asset services, particularly pertaining to cryptocurrencies.

Commerzbank said that the license was the first step to establishing a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.

“Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” said Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank.

Oliveri highlighted the bank’s commitment to exploring cutting-edge technologies such as crypto assets and blockchain to enhance its customers’ wealth creation opportunities.

With this license, Commerzbank joins several other entities in Germany that regulators have recently approved for digital asset services.

On October 24, BitGo, a U.S. cryptocurrency custody company, obtained a crypto custody business license from the German Federal Financial Supervisory Authority (BaFin).

Shortly after, on November 2, Germany’s third-largest commercial bank, DZ Bank, introduced its digital assets custody platform.

Even though DZ Bank’s crypto custody license is still pending approval from the German regulator, the bank is already granting institutional investors access to crypto asset securities, including crypto bonds from Siemens, which it introduced six months earlier.

As per Cryptonews, DZ Bank aims to broaden its services in the future, potentially including direct purchases of cryptocurrencies like Bitcoin and Ethereum.

Targeting $3.9 billion net profit by 2027

Commerzbank has unveiled an ambitious strategic plan for 2027, aiming to boost its revenue base through targeted expansion in customer business, digital banking, asset management and sustainable finance.

The bank announced its goal to decrease its cost-income ratio to 55 percent by 2027 and achieve a net profit target of about $3.9 billion. Additionally, Commerzbank disclosed its plan to offer an attractive capital return to shareholders, seeking approval from the European Central Bank (ECB) and Finance Agency for a share buy-back of up to $688 million.

This announcement follows strong financial results for the first nine months of 2023. Commerzbank almost doubled its net profit to $1.9 billion from $1.04 billion in 2022. Third-quarter revenue surged to $3 billion, fueled by robust customer business and the continued positive impact of interest rates.

Commerzbank’s strategy until 2027 revolves around three main pillars—growth, excellence and responsibility. It aims to provide customers with relevant products and solutions while enhancing their overall experience. To achieve this, it will concentrate on streamlining digital processes to boost efficiency and reduce the cost-income ratio.

In the Private and Small-Business Customer segment (PSBC), Commerzbank aims to broaden the range of its digital banking solutions through its Commerzbank and Comdirect brands. The bank also identifies growth prospects in Asset and Wealth Management and intends to expand these activities through its newly established asset management company, Yellowfin.

Additionally, Commerzbank plans to enhance transaction banking by investing in new systems and technologies.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPGGamblers AnonymousCloudflareSSLco² neutral
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site