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Financial Service Giant Banco Santander to Offer Bitcoin and Ethereum Trading in Switzerland
Financial service giant and retail bank Banco Santander has announced that it will offer Bitcoin and Ethereum trading options to high-wealth Swiss account holders. The trading option will be available to clients who meet specific criteria and opt for the service through their Relationship Manager. Assets will be held in a regulated custody model, providing an additional layer of security with the storage of private cryptographic keys.
FINMA Regulations and Santander’s Operations
The Swiss Financial Market Supervisory Authority (FINMA) regulates crypto and digital asset services, making it easier for Santander to operate in Switzerland as long as it meets the country’s crypto regulations. With the necessary license from FINMA, Santander will not face any issues in offering crypto trading to its clients in Switzerland, unlike in some other countries.
Santander’s Approach to Crypto
Santander’s move to offer crypto trading in Switzerland marks a significant step in the retail banking sector. Previously, the bank was registered as a crypto custodian under the French regulator, demonstrating its commitment to providing digital asset services to its clients.
Bitcoin and Ethereum Price Reactions
Following the news of Santander’s plan to offer Bitcoin and Ethereum trading options, the prices of both cryptocurrencies have shown positive movements. Bitcoin price surged by 2.23% to trade at $37,273.87, while Ethereum price rose by 4.14% to $2,031.11 over the last 24 hours. These price increases can be attributed to various factors, including recent developments in the ETF space.
Spot ETF Developments
The anticipation surrounding the approval of spot ETFs for Bitcoin and Ethereum has contributed to the recent price movements. While a Bitcoin spot ETF is still under SEC scrutiny, the news of spot Ethereum ETF filings by BlackRock has created excitement in the market, leading to an 8% rise in Ethereum’s price within 14 days. If these ETF applications are approved, experts predict significant price changes for both Bitcoin and Ethereum.
Hot Take: CoinGape Disclaimer and Market Advice
The information in this article is presented as fact rather than opinion, and it may reflect the personal views of the author. It is important to conduct thorough market research before making any investment decisions in the cryptocurrency space, as the author or the publication does not bear any responsibility for any personal financial losses.
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