By: Isha Das
Sources have reported that Santander Private Banking International is now offering Bitcoin and Ethereum trading services to its Swiss account holders. This development came after the international wing of Banco Santander allegedly launched a new service, enabling those with Swiss accounts to invest in and trade Bitcoin (BTC) and Ether (ETH). High-net-worth clients of Santander Private Banking International will now have the ability to trade in these leading cryptocurrencies.
The bank is reported to have begun trading services for BTC and ETH due to a request from clients managed through relationship managers. The bank will maintain the private cryptographic keys of the tradeable assets as part of a regulated custody model. It was further revealed that while the initial rollout is limited to BTC and ETH trading, the bank may potentially introduce additional cryptocurrencies after thorough scrutiny and evaluation.
The move by Santander comes amidst the increasing prominence of crypto custody amongst banking institutions. As an instance, Commerzbank, a leading German bank was granted a license to offer crypto assets custody. This highlights the growing commitment of banks towards embracing the latest technologies and digital assets while ensuring compliance with local regulations
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