Santander Private Banking International, subsidiary of Banco Santander focused on wealthy clients, now offers Bitcoin (BTC) And Ethereum (ETH) invest and trading services to clients with accounts in Switzerland.
The Spanish financial The services giant also reportedly intends to expand its offering to include other cryptocurrencies who meet its criteria in the coming months, according to a Coin Office report published on Monday, November 20.
The move which offers direct exposure to cryptocurrencies to the bank’s customers follows a marked change in Santander’s approach to cryptocurrencies.
While Santander remained skeptical of the cryptocurrency market throughout 2022 and even limited its customers’ Bitcoin payments, it took a major turn in 2023. In June, for example, Santander rolled out a series of conferences titled “Digital Assets 101”, in which it sought to better inform its customers about the world of cryptocurrencies.
The lectures, among other topics, aimed to explain the key concepts regarding Bitcoin, such as the usefulness and benefits of its lighting network.
Growing interest in crypto among big banks
Santander’s decision to begin offering Bitcoin and Ethereum to high-net-worth clients in Switzerland comes at a time when institutions are increasingly interested in digital assets. This year, for example, we saw a deluge of German applications banks looking for crypto-focused licenses.
In June, banking giant Deutsche deposit for a crypto custody license. More recently, other major institutions, notably DZ Bank And Commerzbank – the third and fourth German banks – obtained the said licenses from BaFin.
The move towards greater crypto adoption can also be seen on a global scale. This summer, HSBC additional support for Bitcoin and Ethereum exchange-traded funds (AND F) in Hong Kong. The trend is also visible in the United States where, for example, BNY Mellon called blockchain technology a “longer-term play” in January, despite regulatory the pressure on the crypto industry as a whole was near a boiling point at the time.