Commerzbank, a global German universal bank headquartered in Frankfurt, has officially secured the Crypto Custody Licence, as revealed in a press release on November 15.
This milestone positions Commerzbank as the first full-service bank in Germany to obtain such a license, signifying a notable shift within the financial sector toward Web3.
This development empowers Commerzbank to establish a diverse range of digital asset services, with a primary focus on crypto assets.
The approval comes against the backdrop of the crypto market’s substantial growth, ascending from $2.3 billion in 2021 to $3 billion in 2022. Projections indicate a further surge to $37.9 billion in 2032, compelling financial institutions to explore innovative solutions for their clientele.
This trend originated in 2021 with pioneers like the Commonwealth Bank of Australia (CBA), which, as the first Australian bank, permitted customers to buy, sell, and hold crypto assets through its app, CommBank.
Since then, various banks have embraced Web3 avenues — including the metaverse — to engage with younger generations and promote their services.
Notably, the Housing Bank of Jordan celebrated its 50th anniversary in September 2023 by introducing a metaverse experience, providing customers with a virtual journey through its services and underscoring digital innovation in banking.
In a parallel move, Mizuho Bank announced plans in June to launch “Metaverse Coin,” a payment service tailored specifically for the metaverse.
