Financial Service Giant Banco Santander to Offer Bitcoin (BTC) and Ethereum (ETH) Trading in Switzerland
Financial service giant and retail bank Banco Santander has announced that it will offer Bitcoin (BTC) and Ethereum (ETH) 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 extra layer of security with the storage of private cryptographic keys.
FINMA Regulations and Santander’s Operations
The Swiss Financial Market Supervisory Authority (FINMA) regulates cryptocurrency and digital asset services, making it easier for Santander to operate in Switzerland as long as it meets the country’s cryptocurrency regulations. With the necessary license from FINMA, Santander won’t be face any issues in offering cryptocurrency trading to its clients in Switzerland, unlike in some other countries.
Santander’s Approach to Crypto
Santander’s move to offer cryptocurrency trading in Switzerland marks a whole lot of step in the retail banking sector. Previously, the bank was registered as a cryptocurrency custodian under the French regulator, demonstrating its commitment to providing digital asset services to its clients.
Bitcoin (BTC) and Ethereum (ETH) Price Reactions
After the news of Santander’s intend to offer Bitcoin (BTC) and Ethereum (ETH) trading alternatives, the prices of both digital currencies have shown positive movements. Bitcoin (BTC) price surged by 2.23% to trade at $37,273.87, while Ethereum (ETH) price rose by 4.14% to $2,031.11 over the previous day. These price increases can be attributed to numerous factors, including recent developments in the ETF space.
Spot ETF Developments
The anticipation surrounding the approval of spot ETFs for Bitcoin (BTC) and Ethereum (ETH) has contributed to the recent price movements. Although while a Bitcoin (BTC) spot ETF is still under SEC scrutiny, the latest information of spot Ethereum (ETH) 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, specialists predict whole lot of price changes for both Bitcoin (BTC) and Ethereum.
Hot Take: CoinGape Disclaimer and Market Advice
The information in this post is presented as fact rather than opinion, and it may reflect the personal views of the author. It is crucial to conduct thorough market research before making any investment decisions in the digital currency space, as the author or the publication does not bear any responsibility for any personal financial losses.
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