Santander Private Bank Launches Cryptocurrency Purchase and Custody Services

According to CoinDesk’s announcement, Santander Private Banking International now enables the acquisition of Bitcoin (BTC) and Ethereum (ETH). The bank has revealed plans to gradually introduce other primary digital currencies and tokens that comply with the organization’s criteria within the coming months.

Representatives from Santander Private Bank emphasized that these services are exclusively available upon client request via managers. All digital assets are securely stored within the bank’s proprietary banking system. The bank reassures clients, stating, "We assure you that the bank holds private cryptographic keys in a secure environment."

Analysts at CoinDesk consider this move by Santander Private Bank as notably bold. Many major banks typically steer clear of direct involvement with blockchain and cryptocurrencies, preferring tokenization. CoinDesk researchers note, "They try to avoid the impact of open-access blockchains and the cryptocurrencies that run on them."

Banco Santander, in existence for over 160 years, caters to 166 million clients and serves 210,000 wealthy investors. The cumulative assets and deposits amount to approximately $315 billion.

John Whelan, the head of cryptocurrencies and digital assets at the bank, lauds the Swiss regulation concerning digital assets, citing it as among the world's foremost and progressive. He remarked, "It provides clarity and a comprehensive regulatory environment for our clients." He further added, "As cryptocurrency as an alternative asset class continues to expand, we expect our clients to rely on existing financial institutions. We believe it's our responsibility to fully assume virtual assets and their custody."