The interest in cryptocurrencies continues to grow each year, but it is very rare to see private banks embracing them. Well, that is about to change – with one banking giant at least!
Santander Private Banking International is part of Banco Santander in Spain, and it is one of the rare banking institutions that has announced it will allow crypto trading. This service will be available to some customers in Spain, but it is a bold and exciting move altogether!
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Over the next few months, Santander will offer Eteerikauppaa for customers, the bank has announced in a statement.
In addition, Santander says that the service will be valid for clients upon request through their relationship managers. The assets will be held in a regulated custody model in which Santander will store the crypt keys.
Banco Santander said that in the first stage, only Ethereum (ETH) Ja Bitcoin (BTC) will be available for Swiss customers to buy and sell. Over time, more cryptocurrencies that satisfy Santander’s criteria will be added.
John Whelan, the head of crypto and digital assets in Santander said that the Swiss regulation on crypto assets is one of the most advanced in the world, as it offers clarity for all customers.
He adds that the rise of cryptocurrency’s popularity is behind this move by the bank and that they expect Santander’s customers to choose to rely on the bank to be responsible for their assets.
A Bold and Brave Move
It is clear to everyone that this is a brave move by Banco Santander since most banking giants seek to avoid exposure the open-access blockchains and their cryptocurrencies.
However, this is news that will surely be appealing to plenty of Santander’s customers. Being brave is sometimes a necessity in the banking world, and Banco Santander wouldn’t have more than 166 miljoonaa asiakasta and be active for over 160 years if it didn’t implement a risky move or two once in a while!