Santander Deviates From Banking Norm, Embraces Crypto Trading And Blockchain
Portfolio Pulse from Murtuza Merchant
Santander Private Banking International, a division of Banco Santander, is now offering cryptocurrency trading and investment services to its affluent clients in Switzerland. The bank will expand its crypto offerings based on a stringent screening process and provide a regulated custody model for asset security. This move is a departure from the typical stance of large banks on cryptocurrencies. Santander's private banking sector manages assets for approximately 210,000 high-net-worth individuals, with total assets and deposits around $315 billion.
November 20, 2023 | 3:07 pm
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Banco Santander is offering crypto trading and investment services to its clients in Switzerland, indicating a strategic embrace of blockchain technology and digital assets.
The announcement of Santander's new crypto services could be seen as a positive development, potentially attracting new clients interested in digital assets and positioning the bank as a forward-thinking institution. This could lead to increased investor confidence and a potential short-term positive impact on the stock price.
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