By
Temitope Olatunji
April 26th, 2024
Santander has made this move while most big banks limit their exposure to decentralized blockchains and the cryptocurrencies running on them.
Santander Private Banking International has announced plans to allow its high-net-worth Swiss clients a chance to trade crypto assets. The bank will offer these clients a chance to buy, sell, and hold two major cryptocurrencies – Bitcoin (BTC) and Ether (ETH). It also plans to add further cryptocurrencies that meet its criteria.
According to the banking giant, the service will be provided based on client requests through relationship managers. The bank will also provide secure custodial services for all client assets.
Santander’s move is rather intriguing, given that most big banks limit their exposure to decentralized blockchains and the cryptocurrencies running on them. It’s even more interesting when you consider the move contrasts the bank’s previous position on cryptocurrencies.
Pending Bitcoin ETFs Approval Stimulating Institutional Interest
Just over a year ago, Santander announced plans to begin blocking UK customers from sending real-time payments to cryptocurrency exchanges. At the time, the bank noted it had a priority to keep its customers away from cryptocurrency scams. By June 2023, that position had changed. Santander began an educational series for its customers on digital assets.
What’s notable about the change in disposition is that it coincides with an increase in institutional interest in crypto assets. Several traditional institutions have jumped on the Bitcoin ETF bandwagon to give their clients indirect exposure to a crypto asset.
So far, the SEC has received about 12 applications for spot Bitcoin ETFs in 2023 alone. Crypto ETF expert Stuart Barton predicts that the SEC will approve all spot BTC ETF applications simultaneously. With several analysts predicting that approval is close, the market is becoming increasingly bullish about crypto assets.
Santander Private Bank Bags Several Awards
Meanwhile, Santander was recently chosen as the Best Private Bank in Spain and Mexico by The Banker. It was also named the ‘Best Private Bank in the World’ for Family Office Services, ‘Best Private Bank in Latin America’ for its client-facing digital solutions, and ‘Best Private Bank’ in Argentina, Portugal, Spain, the UK, and Uruguay.
Announcing the wins, a congratulatory message from the bank to clients and employees read:
“This wouldn’t be possible without our clients’ trust and the great work and dedication of our team worldwide.”
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