Santander Private Banking International, a division of Banco Santander, now offers its wealthy clients the opportunity to trade and invest in prominent cryptocurrencies such as Bitcoin and Ether, marking a significant shift in the bank’s approach to digital asset management.
Santander Private Banking International, a branch of Banco Santander, now offers its high net worth clients the opportunity to trade and invest in major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). This move, detailed in an internal announcement obtained by CoinDesk, represents a significant shift in the bank’s approach to digital assets.
Santander, a bank with a rich history spanning over 160 years and serving 166 million customers, will not be limited to offering only BTC and ETH. In the coming months, it plans to expand its cryptocurrency offering, adhering to strict selection criteria to ensure quality and security.
This development is particularly notable given the cautious stance of most large banks towards cryptocurrencies. Large financial institutions have traditionally avoided open access blockchains and their associated digital currencies, preferring to explore more secure avenues such as tokenization. Santander’s decision to adopt these digital assets marks a departure from the norm.
The service, according to Santander, will be available only at the customer’s request and will be operated through relationship managers. The bank ensures a regulated custody model, in which private cryptographic keys are stored securely, addressing critical security issues in the digital asset space.
John Whelan, head of crypto and digital assets at Santander, emphasizes the progressive nature of Swiss digital asset regulation, highlighting its clarity and comprehensive regulatory environment.
Whelan suggests that as the trend toward holding cryptocurrencies as an alternative asset class grows, clients are increasingly looking to rely on established financial institutions for asset management.
