Santander Private Banking International Embraces Bitcoin and Ethereum
Santander Private Banking International, a division of Banco Santander catering to high-net-worth clients, has now introduced Bitcoin (BTC) and Ethereum (ETH) investment and trading services for customers holding accounts in Switzerland. The move is part of the bank’s plan to expand its cryptocurrency offerings to include other digital assets that meet its criteria in the near future.
The decision to offer direct exposure to cryptocurrencies represents a significant shift in Santander’s stance on digital assets. Previously, the bank had been cautious about the crypto market and even restricted its customers’ Bitcoin payments. However, in 2023, Santander began taking a different approach by launching educational initiatives such as “Digital Assets 101” lectures aimed at informing clients about the world of cryptocurrencies, including key concepts related to Bitcoin.
Growing Interest in Crypto Among Major Banks
Santander’s move to provide Bitcoin and Ethereum services to high-net-worth clients in Switzerland reflects a broader trend of increasing institutional interest in digital assets. This year has witnessed several German banks applying for crypto-focused licenses, with Deutsche, DZ Bank, and Commerzbank securing licenses from BaFin.
Internationally, HSBC added support for Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong, while BNY Mellon expressed its long-term commitment to blockchain technology despite regulatory pressures on the wider crypto industry.
Hot Take: Banks Embrace Crypto Amid Growing Institutional Interest
The embrace of Bitcoin and Ethereum by Santander Private Banking International underscores the growing institutional interest in digital assets, with major banks worldwide seeking ways to integrate cryptocurrencies into their offerings despite regulatory challenges. This trend signals a shift towards greater adoption of crypto within traditional financial institutions.
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