Banco Santander Launches New Cryptocurrency 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).
Despite the fact that the initial offering will only feature Bitcoin and Ethereum (ETH), Banco Santander intends to include other digital currencies after they meet the bank’s screening criteria.
According to reports, the bank launched the cryptocurrency 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 Cryptocurrency Custody Services
In a similar move, Commerzbank has evolved the first “full-service” German bank to obtain a cryptocurrency custody license under the German Banking Act. This license enables the bank to offer custody of cryptocurrency 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 intends to build a secure and reliable platform that complies with local regulations.
Hot Take: Embracing Digital currency in Traditional Banking
It’s evident that traditional banking institutions like Banco Santander and Commerzbank are increasingly embracing digital currency. This move not only validates the legitimacy of digital assets but likewise provides clients with more options for investment and trading. As more banks enter the cryptocurrency space, it signals a broader adoption and acceptance of digital currencies in the financial sector, potentially opening up new doors for investors and businesses.
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