German lender Commerzbank applies for cryptocurrency license

Germany's Commerzbank (OTCPK:CRZBF) (OTCPK:CRZBY), one of the largest lenders in the country, has applied for a cryptocurrency custody license during the first quarter, a spokesperson for the lender told local newspaper Börsen-Zeitung on April 14. The move comes as the lender aims to offer exchange services as well as custody and protection of digital assets. "We are pursuing our own digital asset strategy and are also planning our own offerings for our customers in the coming years," said Bernd Reh, senior spokesman for Commerzbank. "We have applied for a license from the Bafin for the safekeeping of crypto assets. The future offer is initially aimed at institutional customers,” he added. Meanwhile, BaFin, Germany's Federal Financial Supervisory Authority, has approved just four out of 25 applications to become a crypto custodian. Towards the end of March, Australia's Commonwealth Bank (OTCPK:CBAUF) (OTCPK:CMWAY) said crypto activity on its app got a big boost.