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Santander introduces Bitcoin and Ether trading in Switzerland

EditorHari Govind
Published 11/20/2023, 08:20 PM
© Reuters.
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Santander (BME:SAN) Private Banking International has launched trading services for Bitcoin and Ether, targeting high-net-worth individuals with accounts in Switzerland. The bank's new crypto offerings, revealed through an internal document leak today, are managed by relationship managers and come with a secure custody solution for private key management.

The move by Santander comes at a time when the cryptocurrency market is experiencing a surge, with Bitcoin and Ethereum prices climbing to $37,273.87 and $2,031.11 respectively. This uptick is attributed to the SEC's heightened attention to Spot Bitcoin ETFs and the buzz around BlackRock (NYSE:BLK)'s proposed Spot Ethereum ETF.

In addition to its Swiss operations, Santander has reinforced its position in the digital asset space by registering with the French regulator as a crypto custodian. This strategic step aligns with the bank's commitment to embracing modern technologies while ensuring compliance with regulatory standards.

Meanwhile, in Germany, Commerzbank (ETR:CBKG) has secured a crypto custody license, allowing it to safeguard digital assets and explore new services aligned with technological advancements.

Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, emphasized the importance of integrating cutting-edge technologies within the regulatory framework. Santander's initiative is set to benefit from Switzerland's robust regulatory environment overseen by FINMA.

The expansion into digital asset trading by traditional financial institutions indicates a growing acceptance of cryptocurrencies as part of mainstream financial services.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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