Santander Private Banking International Now Offers Bitcoin and Ethereum Trading for Swiss Clients

Santander Private Banking International (SPBI), a division of Spanish banking giant Banco Santander, is now allowing its high-net-worth clients with bank accounts in Switzerland to trade and hold Bitcoin (BTC) and Ether (ETH). This marks a significant step forward for SPBI, as it becomes one of the first major banks to offer access to cryptocurrency trading on open and permissionless blockchains.

According to an internal announcement, the service is available to all private banking clients with accounts in Switzerland, regardless of their residency. Clients will be able to trade and hold BTC and ETH through their relationship managers, and their digital assets will be held by a regulated custodian that stores the private keys to the assets. Self-custody of crypto will not be supported at this time.

SPBI's head of crypto and digital assets, John Whelan, expressed confidence that clients will embrace the custodial model for their crypto holdings. He also praised Switzerland's regulatory framework for crypto, stating that it provides a stable and secure environment for SPBI to operate in.

With this move, SPBI positions itself as a leader in the crypto space and demonstrates its commitment to providing its clients with access to innovative and cutting-edge financial products.

Key takeaways:

• SPBI is now offering Bitcoin and Ethereum trading to its high-net-worth clients in Switzerland.
• Clients will be able to trade and hold crypto through their relationship managers.
• Digital assets will be held by a regulated custodian.
• SPBI's move highlights the growing acceptance of crypto among major banks.