Santander offers a new crypto trading service for its wealthy Swiss clients, a bold move in the cautious banking sector.
Santander Private Banking International, a part of the Spanish banking giant Banco Santander, is introducing a new service for wealthy clients in Switzerland. They can now trade and invest in major cryptocurrencies like bitcoin (BTC) and ether (ETH).
The bank plans to add more cryptocurrencies in the coming months, but only for those that pass its strict criteria. This service is unique because it's available for clients who ask for it, and the bank keeps the digital currencies safe in a secure way.
This step by Santander is significant, especially since many large banks are cautious about directly dealing with cryptocurrencies. Banco Santander is over 160 years old and serves 166 million customers worldwide. Its private banking division handles the needs of 210,000 wealthy clients, managing assets worth around $315 billion.
John Whelan, the head of crypto and digital assets at Santander, explained that Swiss regulations are well-suited for digital assets, offering clear rules. He believes that more clients will want traditional banks like Santander to manage their digital assets.