Santander Private Banking International, a division of the large multinational bank Banco Santander, has begun offering its high-net-worth clients the ability to trade and invest in major cryptocurrencies like Bitcoin and Ether. This marks a significant shift for the over 160-year-old bank, which will serve its wealthy clients in trading these digital assets upon request.
Santander plans to expand its cryptocurrency offerings over time, carefully screening additional cryptocurrencies to ensure quality and security. Traditionally, large banks have been cautious of open-access cryptocurrencies and blockchain technology, but Santander’s embrace of Bitcoin and Ether represents a change of course.
The bank says these cryptocurrency services will be facilitated through relationship managers and involve safeguarded private keys, addressing critical security needs in the digital asset industry. Santander believes the progressive Swiss regulatory environment surrounding cryptocurrencies provides important clarity and a comprehensive framework to support these services.
As interest grows in using cryptocurrencies as alternative investments, Santander recognizes clients are looking to rely on established financial institutions for digital asset management. By expanding into regulated cryptocurrency trading and custody services, Santander aims to meet the emerging needs of its high-net-worth customers in this area.
