According to CryptoPotato, Santander Private Banking International, the global division of Spanish financial institution Banco Santander, has introduced a new feature allowing customers with Swiss accounts to invest and trade in Bitcoin (BTC) and Ethereum (ETH). With a history of over 160 years and a customer base of 166 million individuals, the private banking division serves 210,000 affluent clients and manages assets and deposits totaling around $315 billion, making this decision significant for the industry.
Initially, Santander's cryptocurrency trading services will be limited to BTC and ETH, but the bank plans to expand its offerings to other cryptocurrencies that meet specific screening criteria, according to an internal communication leak reported by Coindesk. Santander began offering BTC and ETH trading services in response to client requests through relationship managers and intends to protect the private cryptographic keys of tradable assets within a regulated custody framework. John Whelan, head of crypto and digital assets at Santander, reportedly said in an email that Swiss regulation related to digital assets is among the first and most advanced in the world, providing clarity and a comprehensive regulatory environment for clients.
This development comes nearly a year after Santander announced plans to restrict UK customers from making real-time payments to cryptocurrency exchanges, citing a commitment to protecting customers from potential scams. However, by June 2023, the bank had shifted its stance and initiated an educational series for customers focused on digital assets. This change is noteworthy as it aligns with growing interest from institutional entities in crypto assets, with many traditional institutions embracing Bitcoin ETFs to offer clients indirect exposure to cryptocurrency.
