Santander and Commerzbank introduce crypto trading and custody services for high-net-worth clients in Switzerland and Germany.
In a recent announcement, Santander Private Banking International is now offering Bitcoin and Ethereum trading options to its high-net-worth clients with Swiss accounts. This development, first reported by Coindesk, suggests a major shift in the bank’s approach to digital assets. The report, which cites a leaked internal communication, reveals that Santander’s international division, part of the Spanish financial giant Banco Santander, has initiated this service.
The Rollout of Crypto Trading Services
The decision of Santander to introduce crypto trading, starting with Bitcoin (BTC) and Ethereum (ETH), addresses the growing demand among its clientele. This strategic move positions the bank at the forefront of financial institutions integrating digital currencies into their traditional banking services. The service is tailored for clients who communicate with the bank through relationship managers, ensuring a personalized approach to crypto trading.
Moreover, Santander is not just stopping with BTC and ETH. Plans are underway to expand the offerings to include more cryptocurrencies, once they meet the bank’s stringent screening criteria. In providing these services, Santander ensures the security of its clients’ digital assets by managing the private cryptographic keys in a regulated custody model. This method not only secures the assets but also aligns with the regulatory standards.
Commerzbank’s Foray into Crypto Custody
Interestingly, Santander’s move comes close on the heels of Commerzbank’s recent achievement. The German bank made headlines by becoming the first full-service bank in Germany to receive a crypto custody license under the German Banking Act. Moreover, this license empowers Commerzbank to offer crypto custody and other digital asset services in the future.
Commerzbank’s Chief Operating Officer, Jörg Oliveri del Castillo-Schulz, emphasized their commitment to leveraging modern technologies and innovations. The bank’s focus is to create a platform that is not only secure and reliable but also compliant with the stringent local regulations. This step by Commerzbank aligns with the broader trend in the financial sector where traditional banks are increasingly acknowledging the potential of digital assets and adapting their services accordingly.
