Santander Private Bank Introduces Bitcoin, Ethereum Trading for Swiss Clients
Santander Private Banking International is offering buy, sell and hold services with bitcoin and ether to clients in Switzerland....
- Santander Private Banking International, a part of Banco Santander, is offering high-net-worth clients in Switzerland the ability to trade and invest in cryptocurrencies such as bitcoin and ether.
- The bank plans to expand its offering to include additional cryptocurrencies that meet its screening criteria.
- The service is provided upon client request through relationship managers, and the assets are held in a regulated custody model.
- This move is notable as many big banks typically avoid exposure to open-access blockchains and cryptocurrencies.
- Banco Santander has a long history and a large customer base, with the private bank serving wealthy clients and managing significant assets and deposits.
- The Swiss regulation related to digital assets is considered advanced and provides clarity for clients.
- Santander aims to cater to clients' preference for relying on their existing financial institutions to manage their crypto assets.
The overall sentiment of the article is positive. The announcement of Santander Private Banking International offering cryptocurrency trading and investment services to high-net-worth clients in Switzerland is seen as a bold move. The bank's emphasis on regulatory compliance and providing a secure environment for holding crypto assets is also viewed positively. The mention of the advanced Swiss regulation related to digital assets further adds to the positive sentiment.