Santander Private Bank Initiates BTC & ETH Trading for Swiss Clients

• Santander Private Banking International Expands Crypto Services
• Future Plans for Additional Cryptocurrencies
• Regulated Custody for Cryptocurrencies
• About Banco Santander
• Embracing Swiss Regulation for Digital Assets

Santander Private Banking International Expands Crypto Services

The Swiss division of Santander Private Banking International, an integral part of the Spanish financial conglomerate Banco Santander, has launched services that will enable its high-net-worth clients to trade and invest in leading cryptocurrencies including bitcoin (BTC) and ether (ETH). This development was revealed in a recent internal announcement, as reported by CoinDesk.

Future Plans for Additional Cryptocurrencies

In the months to come, Santander plans to incorporate more cryptocurrencies into their offering, provided they pass the bank's rigorous screening criteria, as outlined in the announcement. The implementation of this service will be strictly based on client requests, facilitated by their dedicated relationship managers.

Regulated Custody for Cryptocurrencies

The acquired digital assets will be secured in a regulated custody model, where Santander will safeguard the private cryptographic keys in a secure environment. This approach is notable, considering that most large-scale banks prefer to explore tokenization while avoiding direct exposure to open-access blockchains and their associated cryptocurrencies.

About Banco Santander

Banco Santander, a banking institution with a history spanning over 160 years, boasts a customer base of 166 million. The private banking division caters to the financial needs of 210,000 affluent clients, managing assets and deposits that approximate a staggering $315 billion.

Embracing Swiss Regulation for Digital Assets

John Whelan, the head of crypto and digital assets at Santander, highlighted the forward-thinking nature of Swiss regulations. He noted that Switzerland offers one of the earliest and most advanced regulatory environments for digital assets, providing clarity and a comprehensive framework for their clients. As the trend of holding crypto as an alternative asset class grows, Whelan anticipates that clients would prefer to trust their long-standing financial institutions with the responsibility of managing their assets.

Edited by Jonathan Stoker