Santander Introduces Bitcoin, Ethereum Trading for Swiss Accounts
Reportedly, a new service has been introduced by the international division of Spanish bank Banco Santander, enabling customers with Swiss accounts to trade and invest in Bitcoin and Ethereum.
As per a report by Coindesk, which asserts access to a disclosed internal communication, Santander Private Banking International will grant high-net-worth individuals the ability to trade Bitcoin and Ethereum.
Although the initial implementation of the new crypto trading services by Santander is expected to be limited to BTC and ETH, after meeting its screening criteria, the banking behemoth will reportedly add additional cryptocurrencies.
The report indicates that Santander initiated BTC and ETH trading services in response to client requests routed through relationship managers.
Under a regulated custody paradigm, the bank will hold the private cryptographic keys of the tradable assets.
Under the German Banking Act, Commerzbank was recently the first “full-service” German bank to be granted a cryptocurrency custody license in the country.
The bank is permitted to provide custody of crypto assets and “further digital asset services” in the future under the terms of the license.
“This underscores our continuous dedication to implementing cutting-edge technologies and innovations, and it establishes the groundwork for assisting our clientele with digital assets,” said Commerzbank’s chief operating officer, Jorg Oliveri del Castillo-Schulz.
The bank’s initial objective is to develop a platform that satisfies all local regulations and is “secure and dependable.”