Santander Bank Embraces Crypto Trading And Blockchain
Latest News News

Santander Bank Embraces Crypto Trading And Blockchain

  • Major bank Santander deviated from industry standard by embracing open-access blockchain cryptocurrencies.
  • John Whelan highlights Swiss regulation as advanced and clear, providing a comprehensive environment for digital assets.

Santander Private Banking International is now offering affluent clients in Switzerland the opportunity to trade and invest in major cryptocurrencies.

According to a memo, Santander — a division of the Spanish banking powerhouse Banco Santander — plans to expand its cryptocurrency offerings to include additional digital currencies that pass the firm’s stringent screening process.

The service will be available exclusively at the request of clients, facilitated through relationship managers.

Read Also: Luxor Starts New Business To Ease Shipping Of Bitcoin Mining Rigs

Furthermore, Santander ensures the security of digital assets such as Bitcoin and Ether by employing a regulated custody model that safeguards the private cryptographic keys in a highly secure environment.

This strategy marks a significant departure from the norm. Most large banks typically shy away from direct involvement with open-access blockchains and their associated cryptocurrencies.

Banco Santander, with a history spanning over 160 years and a customer base of 166 million, is a significant player in the financial world.

The private banking sector of Santander serves around 210,000 high-net-worth individuals, managing assets and deposits that total approximately $315 billion.

Read Also: LVMH Partners With Stanford Hai To Explore Human-Centered AI

Santander head of crypto John Whelan said Swiss regulation, related to digital assets, “is one of the first and most advanced in the world since it provides clarity and a comprehensive regulatory environment for our clients.”

“As holding of crypto as an alternative asset class continues to expand,” he added, “we expect that our clients prefer to rely on their existing financial institutions to be responsible for their assets.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.