thecoinrepublic.com
- 1 Santander Bank is now offering crypto trading and investment services for giant swiss account holders.
- 2 The bank services will only be offered upon the request of clients through relationship managers.
- 3 Swiss Bank PostFinance earlier partnered with Sygnum Bank to facilitate crypto services for BTC and ETH.
As per recent reports of a crypto media outlet, Santander Private Banking International is now offering its wealthy institutional clients Swiss account trading and investing in major cryptocurrencies such as Bitcoin and Ethereum.
The recent updates about the offering states that the bank is planning to offer additional cryptocurrencies that meet the bank’s screening criteria. As per the bank, services will only be offered upon the request of clients through relationship managers.
However the assets will be held in a regulated custody model in which the bank stores the private crypto keys in a protected and encrypted environment. Most recently the Commerzbank became the first “full-services” and secured the operation license from the German regulator under German Banking Act.
The crypto custody license will allow banks to offer custody crypto assets and “ future digital asset services” in future.
As per market analysts, this move will help the bank to gather a massive user base in Switzerland. Clearly, its major target audience in the initial phase is multi Millionaires and institutional investor helding accounts in Swiss banks.
Involvement of Swiss Banks in Crypto
Swiss Bank PostFinance earlier partnered with Sygnum Bank to facilitate crypto services for Bitcoin and Ethereum. The alliance would facilitate the PostFinance customers with buying, selling and storing cryptocurrencies like BTC & ETH.
Banking rules and regulation is Switzerland are among the strictest compared to other regions. Crypto enthusiasts believe that Switzerland might become a crypto hub in the coming years.
In 2021, Sygnum launched interstitial grade custody and trading services for USD Coin and a wide portfolio of DeFi tokens like Aave, Aragon, Curve, Maker and Uniswap with few others.
Sygnum is currently involved in 25 leading cryptocurrencies and decentralized finance focused on more than 60 trading pairs. Its staking services offer Ethereum (ETH), Cardano (ADA), Tezos (XTZ) and Internet Computer (ICP).
In the past 24 hours, global crypto capitalization grew more than 2.08% and was $1.42 Trillion (when writing). At press time, BTC was trading at $37,147 with an intraday trading volume of $15,745,927,566, and a 38% spike in trading volume.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.