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Commerzbank, one of Germany’s largest banks, was booming in the news this morning, confirming that it applied for a local cryptocurrency earlier this year, and the major banks switched to cryptocurrencies. It is the first time. Country.
Representative of Commerzbank Confirmed “I applied for a crypto storage license in the first quarter of 2022,” he told the local media outlet Brsen-Zeitung. If approved, the bank will be authorized to provide exchange services and storage and protection of crypto assets.
With 18 million clients and over 70,000 institutional investors, the bank plans to target its institutional base by offering cryptocurrencies.
Mikkel Morch, Executive Director of Cryptographic / Digital Asset Hedge Fund ARK36Investigate this move and what it means for the country and the crypto sector,
“Reports of banks applying for crypto licenses have recently occurred in jurisdictions with progressive regulatory systems that make it possible. Last week, such an application was submitted by a Portuguese bank. Today, one of Germany’s largest banks wants to provide crypto storage and exchange services. Until very recently, major traditional banks considered crypto as a competition and avoided it, but now It is also beginning to be adopted by the most conservative players in the banking sector.
These moves can be interpreted as the beginning of competition within the traditional banking sector to gain competitiveness by becoming the first entity in the local market for crypto services. From both a technical and marketing perspective, cryptography has become, so to speak, the next big thing.
Inevitably, this only speeds up the adoption of crypto as a mainstream financial service. However, it also shows that the demand for it is already so high across the entire range of banking clients that it has forced previously crypto-hostile entities to completely change course. You can’t resist change, cryptography is a change that unfolds in real time. “
Globally, with serious profit opportunities, more and more major banks have recently decided to invest in cryptocurrencies. Cryptocurrencies dominate the ever-expanding sector of the economy, so there are plenty of great revenue potentials. Cryptocurrencies have now proven to be very stable over the long term, making it clearer that crypto and blockchain will not disappear soon. Despite the risk of volatility, it is becoming clear that large financial institutions do not hesitate to make potential profits.
