Big Bank Embraces Crypto: Santander To Offer Bitcoin and Ethereum Trading
Santander Private Banking International has announced it will now offer its high-net-worth clients in Switzerland the ability to trade and invest in Bitcoin and Ethereum.
The Spain-based financial services giant, which caters to over 210,000 wealthy clients worldwide, revealed in an internal memo seen by CoinDesk that the new crypto trading and custody services are being provided upon request to clients with accounts in Switzerland through their relationship managers.
Santander said the crypto assets will be kept in a regulated custody model, with the bank storing private keys in a secure environment. Over the next few months, additional digital currencies that meet Santander's screening criteria will be added.
"As holding of crypto as an alternative asset class continues to expand, we expect that our clients prefer to rely on their existing financial institutions to be responsible for their assets," said John Whelan Head of Crypto Assets at Santander.
He also noted Switzerland's crypto regulations are among the most advanced globally, providing clarity for clients.
Santander, which has been in business for over 160 years and counts 166 million customers, has taken a proactive stance on crypto. While risks exist, the bank seems to recognize the growing importance of digital assets in banking.
