Santander Taps Taurus for Crypto Custodial Services

By: Eva Baxter

Santander Bank is widely reported to have chosen digital asset management firm Taurus to keep safe its Swiss clients' Bitcoin (BTC) and Ether (ETH). Santander Private Banking International's Swiss sector recently introduced a new BTC and ETH trading service for clients with these accounts, however, the availability of these crypto investment services is strictly on request through the bank's relationship managers.

A source familiar with the matter indicated that Taurus, who declined to comment on the development, was assigned by the bank for the safekeeping of the crypto assets. Earlier in September, Taurus had teamed up with German banking giant Deutsche Bank to offer cryptocurrency custody solutions to its customers.

While some banks are leveraging established players for custodial requirements, others like DZ Bank, Germany's third-largest bank by asset size, initiated its own digital assets custody platform based on blockchain technology. Looking into the future, DZ bank reportedly expressed an interest to provide its institutional investors and private customers the facility to purchase cryptocurrencies.