Openbank Launches Crypto Trading in Spain
Openbank, Santander's digital bank, said on Tuesday that it had launched a cryptocurrency trading service in Spain
Banks are seeing growing demand for crypto products from customers after Bitcoin hit record highs last month, helped by U.S. President Donald Trump's pro-cryptocurrency stance.
In June, BBVA advised high-net-worth clients to invest up to 7% of their portfolio in cryptocurrencies, warming up a sector previously shunned by conventional finance due to its risks.
Openbank's service operates within the framework of EU cryptoasset markets and will allow customers to buy, sell, and hold Bitcoin, Ether, Litecoin, Polygon, and Cardano directly on its app and website.
Openbank said it plans to expand the list of supported cryptocurrencies and conversions between different crypto assets in the coming months, with a commission of 1.49% per transaction or a minimum of €1, with no custody fees.
The rollout follows a recent launch in Germany.
In 2023, Santander's private bank launched a service allowing its customers to invest and trade in Bitcoin and Ether.
Standard Chartered introduced the ability to trade spot bitcoin and ether through its UK branch for institutional clients in July.
(Information from Jesús Aguado; edited by Emma Pinedo and Mark Potter; edited in Spanish by Benjamín Mejías Valencia)
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