The international arm of Spanish lender Banco Santander has reportedly introduced a new service that allows clients with Swiss accounts to invest in and trade Bitcoin (BTC) and Ether (ETH).
According to a report from Coindesk with access to a leaked internal communication, high-net-worth individuals of Santander Private Banking International will be able to trade BTC and ETH. Cointelegraph was unable to independently confirm the development as Santander did not respond to requests for comments at the time of writing.
While Santander’s launch of the new crypto trading services will begin with BTC and ETH only, the banking giant will add other cryptocurrencies once they meet its screening criteria.
According to the report, Santander launched BTC and ETH trading services in response to client requests through relationship managers. The bank will hold the private cryptographic keys of the tradable assets in a regulated custody model.
Related: DZ Bank, third-largest German bank, to start crypto custody for institutional investors
Commerzbank recently became the first “full-service” German bank to receive a crypto custody license in the country under the legal framework of the German Banking Act.
The license allows the bank to offer custody of crypto assets and “further digital asset services” in the future.
“This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” stated Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank.
The bank’s initial plans include establishing a platform that is both “secure and reliable” and fully complies with local regulations.
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