- Santander Group’s 100% digital bank, Openbank, expanded its trading and custody solutions to include crypto.
- The revamped platform currently supports Bitcoin, Ethereum, Litecoin, Polygon, and Cardano, with plans of extending its portfolio to more digital assets in the following months.
Openbank’s New Crypto Trading Service
Cryptocurrencies continue to gain steam in key markets worldwide. On Tuesday, Grupo Santander’s digital bank, Openbank, announced the launch of its crypto trading service for customers in Germany. The new feature will allow clients to trade or hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Polygon (POL), and Cardano (ADA) alongside other investment offerings in the platform.
The company stated it will expand support to more digital assets in the coming months. It will also extend its crypto trading services to customers in Spain in the next few weeks.
With that, customers will no longer need to utilize third-party providers for the transfer or conversion of their funds when buying, selling, or managing their crypto assets. All these are seamlessly integrated into Openbank’s newly launched crypto trading platform. Moreover, Santander’s backing means they enjoy the guarantees and protections offered by the European Markets in Crypto-Assets Regulation (MiCA) to regulated virtual asset service providers.
Openbank proudly revealed that it only charges 1.49% per asset sale and purchase, or a minimum of €1 per operation. Interestingly, it does not collect custody fees.
Openbank’s Portfolio
Openbank hosts the trading of over 3,000 stocks, 3,000 investment funds from 123 asset managers, and more than 2,000 exchange-traded funds (ETFs) through its automated investment service, Robo Advisor. The digital bank tailored the platform to optimize users’ medium- to long-term investment strategies. Furthermore, its network has recently introduced a broker platform, which is equipped with artificial intelligence (AI) tools that deliver target prices for over a thousand US and Europe-based stocks.
On the other hand, its parent, Santander (formerly Banco Santander), is a Spanish multinational financial company that traces its history all the way back to its founding in 1857. It’s one of the largest banks in the world in terms of market capitalization, with a current value of €125.77 billion. The institution established its headquarters in Spain but also holds a significant presence in the North American, South American, and European jurisdictions.
Coty de Monteverde, Vice President of Santander Group, highlighted that the launch of Openbank’s new feature comes in response to the growing market demand for crypto. She emphasized that its rollout aligns with their mission of bringing innovative, secure, and customer-focused digital asset solutions.
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