The digital banking sector of the Spanish financial powerhouse Santander Group, Openbank, has launched cryptocurrency trading services for clients in Germany, with plans to expand to its home market shortly.
This new feature allows users to buy, sell, and hold five major cryptocurrencies: bitcoin (BTC), ether (ETH), litecoin (LTC), polygon (MATIC), and cardano (ADA), as stated in a press release. These cryptocurrencies are offered alongside stocks, ETFs, and investment funds.
Customers can execute trades without transferring funds to an external platform, keeping all their investments consolidated under Santander’s management, according to the bank.
“By integrating the primary cryptocurrencies into our investment platform, we are addressing the demand of a segment of our customers,” stated Coty de Monteverde, head of crypto at Grupo Santander.
The bank imposes a 1.49% fee per transaction, with a minimum of 1 euro ($1.2), and there are no custody fees involved. Plans are in place to introduce additional cryptocurrencies and features, including crypto-to-crypto conversions, in the upcoming months.
Santander Private Bank made news in 2023 when it began permitting clients with accounts in Switzerland to trade BTC and ETH, partnering with crypto custodial technology firm Taurus for asset custody.
