Santander Private Banking International, a division of Banco Santander, is launching a cryptocurrency trading service in Switzerland for its wealthy clients.
This service enables high-net-worth clients to trade and invest in leading cryptocurrencies such as bitcoin (BTC) and ether (ETH), with plans to expand the offering to include additional digital assets in the near future.
This novel approach stands out because clients can request the service, and the bank ensures the safe storage of digital currencies.
Santander’s stringent criteria will determine which new cryptocurrencies will be added to the platform, emphasizing a cautious yet progressive approach.
The fact that many big banks are reluctant to work directly with cryptocurrencies highlights the significance of Santander’s decision.
With 166 million customers worldwide and more than 160 years of history, Banco Santander is making a daring move to meet the changing demands of its affluent clientele.
About 210,000 high-net-worth clients are served by the private banking division, which oversees assets worth about $315 billion.
Santander’s Head of Crypto and Digital Assets, John Whelan, emphasizes how Swiss laws are appropriate for digital assets because they provide a transparent regulatory environment.
He believes that as the digital landscape of banking services changes in the digital age, traditional banks like Santander will be increasingly needed to manage their clients’ digital assets.