New Feature From Santander Private Banking
Santander Private Banking International, the global division of Banco Santander, has launched a new feature allowing customers with Swiss accounts to invest and trade Bitcoin (BTC) and Ethereum (ETH). This new offering is particularly important given Banco Santander’s extensive history of over 160 years and its customer base of 166 million individuals. The private banking division currently serves 210,000 affluent clients and manages around $315 billion in assets and deposits, giving it significant influence in the industry.
Santander’s Historic Move
The cryptocurrency trading services will initially be limited to BTC and ETH, but the bank plans to expand its offerings to include other cryptocurrencies that meet specific screening criteria. The decision to introduce these services came in response to client requests via relationship managers, according to a leaked internal communication reported by Coindesk. Meanwhile, the bank intends to store the private cryptographic keys of tradable assets within a regulated custody framework.
Tryst With Crypto
This development comes nearly a year after Santander announced its intention to restrict UK customers from making real-time payments to cryptocurrency exchanges, citing a commitment to protecting its customers from potential scams. The bank had intended to block all faster payments to cryptocurrency exchanges from Santander accounts but shifted its stance by June 2023. The recent change aligns with a growing interest from institutional entities in crypto assets.
Hot Take: Santander’s Forward-Thinking Approach
Banco Santander’s introduction of Bitcoin and Ethereum trading services for its high-value private banking clients marks a significant milestone for traditional financial institutions embracing cryptocurrency. This move shows the evolving nature of the crypto industry and the increasing demand for crypto services from high-net-worth individuals. It also reflects a broader shift in the financial sector towards recognizing and incorporating cryptocurrencies and blockchain technologies into their offerings.
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