German financial institution Commerzbank AG, which has €510 billion in property below management, has received a crypto custody license within the distance, opening the path to making a custodial platform for institutional customers, in step with an announcement on Wednesday.

With the license granted by financial regulator BaFin, the Frankfurt-headquartered Commerzbank will provide a tall vary of digital asset products and services with a bid focal level on crypto property.

The information is principally the most recent signal that German banks are more and more shifting to add digital asset products and services. Earlier this month, DZ Financial institution, Germany’s third-largest depository, presented plans for a digital asset custody platform after making use of for a BaFin license in June.

“Now that we had been granted the license, we absorb performed a truly foremost milestone. This highlights our ongoing commitment to making use of basically the most recent applied sciences and enhancements, and it kinds the foundation for supporting our clients within the areas of digital property,” acknowledged Dr Jörg Oliveri del Castillo-Schulz, chief running officer of Commerzbank, within the announcement.