Banco Santander Launches New Crypto Trading Services
The international division of Banco Santander, a Spanish bank, has reportedly introduced a new service that allows clients with Swiss accounts to invest in and trade Bitcoin (BTC) and Ether (ETH).
Although the initial offering will only feature BTC and ETH, Banco Santander plans to include other cryptocurrencies after they meet the bank’s screening criteria.
According to reports, the bank launched the crypto trading services in response to client requests made through relationship managers. The tradable assets’ private cryptographic keys will be held in a regulated custody model.
Commerzbank’s Move into Crypto Custody Services
In a similar move, Commerzbank has become the first “full-service” German bank to obtain a crypto custody license under the German Banking Act. This license enables the bank to offer custody of crypto assets and expand its digital asset services in the future.
Jörg Oliveri del Castillo-Schulz, the chief operating officer of Commerzbank, emphasized the bank’s commitment to embracing new technologies and innovations. The bank plans to build a secure and reliable platform that complies with local regulations.
Hot Take: Embracing Cryptocurrency in Traditional Banking
It’s evident that traditional banking institutions like Banco Santander and Commerzbank are increasingly embracing cryptocurrency. This move not only validates the legitimacy of digital assets but also provides clients with more options for investment and trading. As more banks enter the crypto space, it signals a broader adoption and acceptance of cryptocurrencies in the financial sector, potentially opening up new opportunities for investors and businesses.
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