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Commerzbank Applies for BaFin License for Crypto Custody

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Today’s Cryptocurrency Headline

Commerzbank, one of Germany’s top three major banks, has announced that it has applied for a cryptocurrency custody business license from the German Federal Financial Supervisory Authority (BaFin). Commerzbank has nearly 28,000 corporate customer bases and nearly 11 million private and corporate customers. If the cryptocurrency custody business license is approved, they will first provide cryptocurrency custody services to their major institutional customers. However, there are not many cryptocurrency custody business licenses approved by the German Federal Financial Supervisory Authority. Only 4 of the 25 applications received so far have been approved. Coinbase is the first cryptocurrency company to obtain this license.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShares, digital asset investment products saw outflows totalling US$97m last week. BTC is almost flat over the last 24 hours, and it rose to an intraday high of $42,199 later in the session. The price is currently below the 20-day moving average (MA) at $42,471, and the relative strength indicator moved above the midpoint, suggesting that the bulls now have the upper hand. If the bulls push the price above the 20-day MA, the BTC/USDT pair could rally to $45,400.

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