Santander Private Banking International, the international arm of Spanish lender Banco Santander, has announced its intention to offer Bitcoin and Ethereum to high-net-worth customers with bank accounts in Switzerland.
Ferrari, Bitcoin and Ethereum
The bank is also a sponsor of the Ferrari Formula 1 team. At first glance, sponsoring a Formula 1 team and facilitating cryptocurrency trading seem to have nothing to do with each other.
But you could argue that there is a strategic synergy between the two efforts (Editor’s note: 1 euro in the pot for using sensitive words). Both initiatives represent Santander’s commitment to innovation, technology and global reach.
Santander Private Banking International’s crypto services are primarily reserved for so-called wealthy individuals. Rich Tattas, but with a Swiss bank account. They will start by launching Bitcoin and Ethereum and plan to introduce more cryptocurrencies that meet strict auditing standards in the coming months.
Swiss regulations are good for crypto
According to the Coindesk source, these services will only be available upon customer request and will be provided by their designated representatives. The bank stores the private cryptographic keys of tradable cryptocurrencies in a secure and regulated environment.
John Whelan, head of crypto and digital assets at Santander, highlighted the progressive crypto regulation in Switzerland:
“The Swiss regulation of digital assets is one of the first and most progressive in the world, providing our clients with clarity and a comprehensive regulatory environment. As cryptocurrency ownership continues to grow as an alternative asset class, we hope our customers will prefer to trust their existing financial institutions to be responsible for their assets.”
Progressive character
By associating the brand with the Ferrari F1 team, Santander positions itself as a forward-thinking financial institution, capable of navigating the dynamic nature of the circuit and financial markets.
At the same time, Santander’s entry into cryptocurrency reflects an understanding of the changing dynamics in the financial world. Cryptocurrencies represent a decentralized and technologically advanced form of currency, and Santander’s commitment to this area demonstrates its willingness to embrace digital innovation.
Source: BtcDirect
Source link
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
