It has been reported that the international arm of the Spanish lender, Banco Santander, has introduced a new service allowing customers with Swiss accounts to invest in and trade Bitcoin. According to a report from Coindesk claiming access to a leaked internal communication, high-net-worth individuals at Santander Private Banking International will have access to BTC and ETH trading.
CoinTelegraph was unable to independently verify the development, as Santander had not immediately responded to requests for commentary at the time of writing this report. While Santander’s rollout of the new cryptocurrency trading services will commence with BTC and ETH only, the banking giant is set to offer other cryptocurrencies after satisfying its own due diligence criteria.
According to the report, Santander has launched Bitcoin
and Ethereum trading services in response to client demand through relationship managers. The bank will retain private encryption keys for the tradable assets in a regulated custody model.
READ MORE The expected market value of Bitcoin is projected to reach 3 trillion dollars by 2025, according to Brinchtain.
Recently, Commerzbank became the first German bank to receive a full service license for cryptocurrency custody within the country’s legal framework under German banking law. The license enables the bank to offer cryptocurrency custody and “further digital asset services” in the future.
Georg Oliveri del Castillo Schultz, Chief Operating Officer at Commerzbank, stated, “This shines a light on our ongoing commitment to the implementation of the latest technologies and in tions and forms the basis for supporting our customers in the digital asset space”. The bank plans to initially establish a “secure and reliable” platform fully compliant with local regulations.
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