Santander’s Openbank Sparks Crypto Frenzy in Germany
In Germany, the digital bank Santander Openbank introduces trading in crypto, which offers BTC, ETH, LTC, POL, and ADA in the MiCA framework of the EU.
Santander, the largest bank in Spain, has officially introduced cryptocurrency trading to its clients in Germany, using its digital division, Openbank.
With this new service, users can purchase, sell, and store five of the largest cryptocurrencies, such as Bitcoin, Ether, Litecoin, Polygon, and Cardano. The offering complements the already existing investment accounts of the users, and one does not need external platforms or wallets.
The growth is supported by the Markets in Crypto-Assets Regulation (MiCA) by the European Union, which guarantees investor protection and a uniform crypto market regulation.
Openbank intends to launch crypto trading in Spain in a few weeks and add more tokens and services, including crypto-to-crypto trades.
Germany’s Crypto Surge with Santander’s Openbank
The crypto trading service of Openbank is a combination of conventional investments and digital assets on a single platform. The customers have the opportunity to trade cryptocurrencies with stocks, ETFs, and funds with a transaction fee of $1.49 per trade and no custody fees.
The simplification will meet the increasing demand of retail investors for regulated and accessible crypto products through trusted financial institutions.
The Head of Crypto of Santander, Coty de Monteverde, emphasized that the action is a direct response to customer demand in terms of crypto investment.
The service is a direct contributor towards mainstream adoption and a safe and regulated trading environment of digital assets, where one of the largest banking groups in Europe operates.
What’s Next in Openbank’s Crypto Expansion?
Outside of Germany, Openbank will be rolling out crypto trading in Spain soon and is planning to continue adding tokens to its list.
Direct crypto-to-crypto exchanges are planned, which will increase the range within which the investors will be able to manage diversified digital portfolios without having to exit the platform.
This measure supports the innovation and digital finance that is part of Santander in the retail banking sector.
This deployment makes Santander one of the most progressive European banks to adopt cryptocurrencies as opposed to crypto-native exchanges. It offers regulatory compliance and investor protections required by MiCA.
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