By Pierre Bertrand

Commerzbank said it has been granted a cyptocurrency custody licence, becoming the first full-service bank in Germany to do so.

The licence was granted by Germany's Federal Financial Supervisory Authority and the European Central Bank, a Commerzbank spokeswoman told Dow Jones Newswires.

It enables Commerzbank to build what it said was a broad range of digital asset services with a particular emphasis on cypto assets, the bank said in a statement Wednesday.

The bank added that it is working toward establishing a secure platform for digital assets.

"The first step by the Bank is to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology," the bank said.

This platform is expected to be established in the first half of 2024, the spokeswoman said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

November 15, 2023 07:42 ET (12:42 GMT)

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