Banco Santander Debuts Crypto Trading for Swiss Clients; Commerzbank Gets Crypto Custody License
Summary:
Spanish bank, Banco Santander's international arm has reportedly launched a new service for clients with Swiss accounts to trade Bitcoin (BTC) and Ether (ETH). Initially, the service will only cover BTC and ETH, with other cryptocurrencies to be included after passing Santander's screening criteria. Commerzbank also recently became the first German full-service bank to be granted a crypto custody license, allowing them to offer custody of digital assets and potentially expand further in future.
The global division of Spanish banking institution Banco Santander is said to have introduced a novel feature, enabling patrons who hold Swiss accounts to conduct investments and transactions in Bitcoin (BTC) and Ether (ETH). Coindesk reportedly had access to a confidential internal memo that stated that Santander Private Banking International's wealthy clientele would have the option to transact in BTC and ETH. At the time of the report, the advancement was unable to be independently confirmed as Santander didn't promptly respond to solicitations for statements.
Banco Santander is allegedly kickstarting its innovative cryptocurrency transaction services initially with just BTC and ETH. Post the successful clearance of its assessment standards, the banking behemoth plans to venture into providing services with other digital currencies. The report suggests that the BTC and ETH transaction services were set in motion by Santander based on requests from clients through relationship managers. The bank would maintain the private encryption keys of the tradable commodities under a regulated custody setup.
In other news, Commerzbank recently made the headlines for becoming the first comprehensive service German bank to be given a cryptocurrency custody permit in the nation, granted under the legal provisions of the German Banking Act. This permit empowers the bank to provide crypto asset custody and to potentially expand into "additional digital asset services" down the line.
Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank, expressed his view stating, "Our continuing dedication to leveraging the cutting-edge technologies and innovations underpins this. It lays the groundwork for aiding our customers in managing digital assets." Commerzbank is aiming to initially set up a platform that is both dependable and secure, in full compliance with regional regulations.
Published At
11/20/2023 11:36:21 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.