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 today in an internal document leak, will be managed by relationship managers and come with a secure custody solution for private key management.
Santander’s move comes at a time when the cryptocurrency market is experiencing a surge, with bitcoin and ethereum prices rising to $37,273.87 and $2,031.11, respectively. This surge is attributed to the SEC‘s increased attention on spot bitcoin ETFs and the buzz surrounding BlackRock’s (NYSE:BLK) proposed spot ethereum ETF.
In addition to its Swiss operations, Santander has strengthened its position in the digital assets space by registering with the French regulator as a crypto custodian. This strategic move is in line with the bank’s commitment to embrace modern technologies while ensuring compliance with regulatory standards.
Meanwhile, in Germany, Commerzbank (ETR:CBKG) has secured a crypto custody license, enabling it to secure digital assets and explore new services in line with technological advances.
Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, emphasized the importance of integrating cutting-edge technologies into the regulatory framework. Santander’s initiative will 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.
