- Santander Private Banking International is offering the opportunity for trading and investing in major cryptocurrencies, Bitcoin
(BTC), and Ether (ETH).
- Banco Santander is a well-established bank with over 160 years of history and 166 million customers.
- Whelan stated in a release, “Swiss regulation on digital assets is one of the world’s first and most advanced, providing transparency and a comprehensive regulatory environment for our clients.”
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The subsidiary of the Spanish financial services giant Banco Santander announced that it would launch Bitcoin and Ethereum services for its customers.
Santander Introduces Bitcoin and Ethereum Services
Santander Private Banking International, a part of the Spanish financial services giant Banco Santander, is providing high-net-worth clients in Switzerland with the opportunity for trading and investing in major cryptocurrencies, Bitcoin (BTC), and Ether (ETH), according to an internal announcement seen by COINOTAG.
According to the announcement, Santander will offer additional cryptocurrencies that meet the bank’s criteria in the coming months. The service is delivered through relationship managers based on customer demand, and the assets are held in a regulated custody model where the bank securely stores the assets with its private cryptographic keys.
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This move is bold, especially considering that many major banks generally prefer not to deal with tokenization and often avoid exposure to open-access blockchains and cryptocurrencies operating on them.
Banco Santander has been in operation for over 160 years and serves 166 million customers. The private bank caters to over 210,000 wealthy clients with assets and deposits exceeding $315 billion.
Statement from the Head of Digital Assets
John Whelan, the Head of Digital Assets at Santander, stated in a release, “Swiss regulation on digital assets is one of the world’s first and most advanced, providing transparency and a comprehensive regulatory environment for our clients,” and added:
“As the adoption of crypto assets as an alternative asset class expands, we anticipate that our clients will prefer to trust their assets with existing financial institutions.”