Commerzbank applies for a cryptocurrency license in Germany

Commerzbank applies for a cryptocurrency license in Germany (by bit4you)

Cryptocurrency in Germany

In order to transact in the cryptocurrency market in Germany, companies and banks must register with BaFin, according to current German regulations. For now, only four organizations were granted the necessary permits. Commerzbank has been interested in blockchain technology and cryptocurrencies for a long time. In 2018, the company experimented with transactions using the Corda platform. Curv, a cryptocurrency storage infrastructure provider, received investment from Commerzbank in 2020.

Cryptocurrency all over the world

Banks all over the world are expanding their services to include cryptocurrency. One of them, according to Coinphony, is the financial giant Goldman Sachs, which wants to introduce crypto services for its elite clientele in the second quarter of 2022. Furthermore, Blythe Masters of Credit Suisse, a member of the board of directors and a financial technology specialist, stated that Bitcoin poses no danger to fiat currency or the banking industry as a whole. On the other hand, some cryptocurrency specialists predict that cryptocurrencies will replace some financial services.

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BIT4YOU.io

BIT4YOU.io

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bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.