2 German banking giants offer services for bitcoin and cryptocurrencies
DZ Bank and Commerzbank separately announced trading and custody services for digital assets.
DZ Bank will offer 700 cooperative bank clients access to cryptocurrencies.
Commerzbank has partnered with Crypto Finance to enable trading and custody of crypto assets.
Two of Germany's largest banks, DZ Bank and Commerzbank, recently announced the addition of services related to bitcoin (BTC) and cryptocurrencies, marking a significant milestone in the adoption of digital assets by the traditional financial sector in the European country.
DZ Bank, Germany's second-largest bank based in Frankfurt with $627 billion in assets under management, has decided to offer cryptocurrency trading and custody services to its 700 cooperative bank clients.Commerzbank and Crypto Finance
For its part, Commerzbank, Germany's fourth-largest bank founded in 1870 with nearly $600 billion in assets under management, announced a partnership with the Crypto Finance platform. This collaboration will allow Commerzbank to offer cryptocurrency trading and custody services, initially focused on bitcoin and ether (ETH), to its selected corporate clients in Germany.
Under this strategic partnership, Commerzbank will manage the custody of digital assets, while Crypto Finance will ensure their secure trading, the bank reported in a press release on Thursday.
Gernot Kleckner, Divisional Board Member for Capital Markets in Commerzbank's Corporate Clients segment, said that with its digital asset offering, the bank's corporate clients will be able to “take advantage of the opportunities presented by bitcoin and ether for the first time.”
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