- Santander will first launch its new crypto trading services with support for just BTC and ETH.
- In a supervised custody arrangement, the bank will be the custodian.
Clients with Swiss accounts may now trade and invest in Bitcoin and Ethereum, as a new service has been launched by the international division of Spanish financial giant Banco Santander. High-net-worth clients of Santander Private Banking International may soon be able to trade Bitcoin and Ethereum, according to a source.
Moreover, according to reports, Santander will first launch its new crypto trading services with support for just Bitcoin and Ethereum. Once these two cryptocurrencies pass the banking giant’s stringent screening checks, more cryptocurrencies will be added.
John Whelan, head of crypto and digital assets at Santander stated:
“The Swiss regulation related to digital assets is one of the first and most advanced in the world, since it provides clarity and a comprehensive regulatory environment for our clients.”
Brave Step Forward
The report claims that Santander began offering Bitcoin and Ethereum trading services to customers who requested them via the bank’s relationship managers. In a supervised custody arrangement, the bank will be the custodian of the tradable assets’ private cryptographic keys.
Given that most large financial institutions would rather play about with tokenization and would rather not deal with open-access blockchains and the cryptocurrencies that run on them, this is a brave step.
More than 160 years old, Banco Santander now serves 166 million clients. About $315 billion in assets and deposits are managed by the private bank for its 210,000 affluent customers. This recent advancement clearly shows traditional financial institutions rising interest towards the crypto sector.
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