Crypto Adoption Support: Germany’s Commerzbank Reportedly Applied for Local Crypto Licence

The mass adoption of crypto and the underlying tech, the blockchain, continues. More moves are being made across the world that support this massive goal that the crypto space has set for a while now.

CoinDesk notes that Germany’s Commerzbank (CBK) applied for a crypto license earlier this year, according to a spokesperson for the bank told local media.

It’s essential to note the fact that this would make it the first major bank in Germany to move towards crypto adoption.

According to the same online publication that we mentioned above, the local media outlet Börsen-Zeitung said that a spokesperson from the bank confirmed on April 14 that it “applied for the crypto custody license in the first quarter of 2022.”

Another issue that is worth mentioning is that the application is to get authorization to offer exchange services along with custody and protection of crypto-assets.

Commerzbank is Germany’s second-largest listed bank and is partly owned by the government.

Germany had brought in a new law, effective Jan. 1, 2020, that would encourage the German Banks to offer crypto services.

The law required any business seeking to offer crypto services in Germany to make efforts in order to obtain a license from BaFin, Germany’s Federal Financial Supervisory Authority.

Mainstream crypto adoption continues all over the world, despite the crisis that we’re confronted with. Humanity has been dealing with the pandemic since the beginning of 2020 and lately, the Russia-Ukraine war has been making things worse.

Bitcoin’s price is also reflecting the positive sentiment that’s been floating in the crypto space.

Earlier today, we revealed that the pseudonymous crypto analyst Plan B says that, barring a black swan event, all the indicators point to a bright future for Bitcoin (BTC) in the coming months.

During a YouTube interview with Blockware Intelligence, Plan B is laying out the case for why he thinks numerous Bitcoin metrics look so cheerful.