Santander initiates Bitcoin trading in Germany
Openbank, the digital banking arm of Grupo Santander, has announced the launch of crypto-asset trading in Germany. The service now allows customers to buy, sell, and store Bitcoin, Ethereum, Litecoin, Polygon, and Cardano directly within the Openbank app.
Head of Crypto at Grupo Santander, Coty de Monteverde, stated that this move is a response to customer demand and is based on the group's technology platform. The integration of "the major cryptocurrencies" into the investment platform is part of Openbank's digital banking services.
Unlike other European markets, no timelines for additional assets, including Bitcoin, are provided for Germany. However, Openbank plans to expand its crypto-asset universe in the coming months, although no new additions are specified. The institution also intends to expand to other European markets, with Spain being the next target.
Storage of digital assets within the Openbank ecosystem is free, and there is no need to switch to external platforms for trading and storage. A fee of 1.49% per transaction applies, with a minimum of 1 Euro for each transaction. The bank does not provide specific details on possible spreads or additional fee components.
Details about transfer limits, deposit/withdrawal methods, or execution venues are not specified in the announcement. Customers can store these digital assets within their Openbank account without the need for transfer to third-party platforms.
This statement is a quote from the announcement. It's important to note that this information is intended for general purposes and does not constitute a recommendation for or against the use of any specific product or financial instrument.
The launch of crypto-asset trading in Germany follows a similar offering by BBVA in Spain, which was launched in July. The move by Santander indicates a growing interest in digital assets by traditional banks as they continue to adapt to the evolving financial landscape.
In the coming weeks, Openbank plans to introduce more cryptocurrencies and features like crypto-to-crypto conversions, further enhancing its digital banking services. As the world of cryptocurrencies continues to grow, it's clear that Openbank is committed to staying at the forefront of this exciting and dynamic sector.
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