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Market News Santander Private Banking International Introduces Swiss Clients to Bitcoin and Ethereum Trading

Santander Private Banking International Introduces Swiss Clients to Bitcoin and Ethereum Trading

A prominent global bank with a substantial customer base and assets, Santander Private Banking International, has introduced a new trading feature for Bitcoin and Ethereum for its Swiss clients in response to the increasing global interest in and regulation of digital assets.

TOP1 Markets Analyst

2023-11-22

11398

Santander Private Banking International, the worldwide arm of Banco Santander, a Spanish financial institution, has reportedly enabled Swiss account holders to invest and trade in Bitcoin (BTC) and Ethereum (ETH), as reported by CryptoPotato. Having a rich history spanning more than two centuries and a customer base of 166 million individuals, the private banking division oversees assets and deposits amounting to approximately $315 billion for 210,000 affluent clients. This decision holds considerable importance for the industry as a whole.

Santander intends to extend its cryptocurrency trading services beyond BTC and ETH in the future, contingent upon the fulfilment of particular screening criteria, as disclosed in an internal communication breach cited by Coindesk. Initially, the bank's offerings will be restricted to BTC and ETH. In response to client requests via relationship managers, Santander initiated the provision of BTC and ETH trading services. The bank also aims to ensure the security of tradable assets' private cryptographic keys by employing a regulated custody framework. According to an email purportedly from John Whelan, director of crypto and digital assets at Santander, Swiss regulation pertaining to digital assets is among the pioneering and most sophisticated globally, providing clients with regulatory clarity and a comprehensive environment.

A commitment to safeguarding customers against potential scams prompted Santander to declare restrictions on real-time payments to cryptocurrency exchanges for UK customers almost a year ago. This development follows that announcement. Nevertheless, the bank reversed its position by June 2023 and launched a customer-oriented educational initiative centering on digital assets. This modification is significant because it corresponds with the increasing attention from institutional bodies towards crypto assets; numerous conventional institutions are adopting Bitcoin ETFs to provide clients with indirect cryptocurrency exposure.