Openbank, the digital division of Banco Santander, recently announced the launch of cryptocurrency trading for retail investors located in Germany. This new service enables clients to buy and sell a range of cryptocurrencies including Bitcoin, Ether, Litecoin, Polygon, and Cardano through the same investment platform they already use for their other financial activities.
As one of the prominent digital banks in Europe, Openbank stated their intention to introduce additional crypto assets in the months ahead, and will soon extend this service to customers in Spain as well. Future enhancements are also planned, such as enabling crypto-to-crypto conversions, facilitating greater flexibility in transactions.
The launch aligns with broader efforts by Grupo Santander to diversify their product offerings and meet evolving client demands. The addition of significant cryptocurrencies to their investment options allows the bank to respond effectively to customer interest, reinforcing their commitment to delivering a comprehensive suite of products backed by advanced technology.
In May, Santander explored the possibility of expanding retail-focused cryptocurrency services, with reports suggesting potential developments in stablecoin initiatives. These initiatives may encompass either the creation of new tokens or facilitate the use of existing stablecoins that are tied to the euro or US dollar.
To ensure compliance with European regulations, Openbank has sought licenses under the EU's Markets in Crypto-Assets framework. This rollout of services occurred following the full implementation of the EU's Markets in Crypto-Assets (MiCA) regulation, a significant step in the regulatory landscape governing digital assets.
For retail investors, the bank will impose a trading fee of 1.49% per transaction, along with a minimum charge of €1 ($1.18) for trades, while there will be no additional custodial fees associated with the crypto assets.