Santander Unveils Plan For BTC & ETH Trading In Switzerland

Banco Santander, a financial services giant, has made waves by revealing plans to provide Bitcoin and Ethereum trading options exclusively for high-wealth account holders in Switzerland.

Though unconfirmed by the bank itself, an internal source has disclosed that clients choosing these services via Relationship Managers will have their assets protected in a regulated custody model, incorporating an extra security measure with the handling of private cryptographic keys.

Will FINMA Allow Santander to Operate on Cryptos?

The Swiss Financial Market Supervisory Authority (FINMA), the country’s financial regulatory authority, controls all aspects concerning crypto regulation and other digital asset services such as decentralized finance (DeFi).

To maintain the laws and regulations of the nation’s crypto rules, Santander may find it a bit easier to operate in Switzerland compared to other countries. As long as firms, fintech startups, exchanges, and banks have the license to operate under the guidelines of FINMA, Santander will not face any issues.

While many retail banks are struggling to find a spot to fix their roots on crypto land, Santander has shown a great approach starting with Switzerland. Previously, the investment bank was registered under the French regulator as a crypto custodian.

The company has been granted digital asset service provider (DASP) certification by France’s Financial Market Supervisory Commission (AMF) to deliver the services it claims.

Also Read: Mastercard Taps Feedzai To Fortify Defense Against Crypto Frauds

Bitcoin, Ethereum Prices Reacts Positively

Bitcoin and Ethereum have been seen complementing each other. The largest crypto by market cap, Bitcoin price soared 2.23% to trade at $37,273.87, while the Ethereum price added 4.14% to $2,031.11 over the last 24 hours.

The rise of both could be driven by multitudinous reasons. The recent developments in the field of ETF are one of the reasons. Spot Bitcoin ETF, which is still under the scrutiny of the SEC is yet to be allotted to the 12 firms in the queue.

The recent announcement of Spot Ethereum ETF filling by BlackRock has created a spark in the market again. The news fuelled the prices of ETH, leading to an 8% rise in just 14 days.

If the applications are passed by the SEC, experts have predicted that both Bitcoin and Ethereum will see major price changes.

Also Read: Pepe Coin Soars As Devs Deposits Over 400 Bln PEPE To Binance