Santander, the international arm of Spanish lender Banco Santander, has reportedly launched a new service that allows clients with Swiss accounts to invest in and trade Bitcoin (BTC) and Ether (ETH). This move comes as the banking giant aims to meet the growing demand for cryptocurrency trading services among high-net-worth individuals.
Access for High-Net-Worth Individuals
The new service, according to a leaked internal communication obtained by Coindesk, will initially offer trading for BTC and ETH. However, Santander plans to expand its cryptocurrency offerings once its screening criteria are met. The introduction of these services was reportedly driven by requests from clients through their relationship managers.
Regulated Custody Model
Santander will hold the private cryptographic keys of the tradable assets in a regulated custody model. This approach ensures the security of the assets and compliance with relevant regulations. However, Santander has not yet responded to requests for comment, and the report has not been independently verified by Cointelegraph.
Commerzbank's Crypto Custody License
Commerzbank, a German bank, recently became the first "full-service" bank in Germany to be granted a crypto custody license. This license enables the bank to offer custody services for crypto assets and potentially expand into other digital asset services in the future. The move is part of Commerzbank's commitment to adopting the latest technologies and innovations.
Compliance with Local Regulations
Commerzbank plans to establish a secure and reliable platform for its crypto services that fully complies with local regulations. This ensures that customers can confidently engage in cryptocurrency trading while adhering to legal requirements.
Santander's new crypto trading service for Swiss account holders reflects the increasing interest and demand for cryptocurrency among high-net-worth individuals. As more banks and financial institutions enter the crypto space, the availability and accessibility of these services are expected to grow.
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