Santander’s Openbank Launches Crypto Trading in Germany

Key Notes

• Openbank has announced the rollout of a crypto trading service in Germany.
• Customers can now buy, sell, and hold BTC, ETH, ADA as select assets supported.
• It plans to extend this service to Spain in a few weeks.

Openbank has just delivered to its German customers the ability to buy, sell, and hold digital assets. The supported assets include Bitcoin

BTC
$115 160



24h volatility:
0.4%


Market cap:
$2.29 T



Vol. 24h:
$37.07 B

, Ethereum

ETH
$4 449



24h volatility:
0.9%


Market cap:
$536.98 B



Vol. 24h:
$26.54 B

, Litecoin

LTC
$114.7



24h volatility:
1.6%


Market cap:
$8.75 B



Vol. 24h:
$553.09 M

, Polygon

POL
$0.26



24h volatility:
1.9%


Market cap:
$2.67 B



Vol. 24h:
$113.35 M

, and Cardano

ADA
$0.87



24h volatility:
0.8%


Market cap:
$31.60 B



Vol. 24h:
$1.59 B

. While it became effective in Germany on Sept. 16, the plan is to roll out this crypto trading service in Spain in the coming weeks. This marks a further expansion of the bank’s services.

Demand Drives Openbank and Others to Launch Crypto Trading

In a press release, Openbank, a subsidiary of Grupo Santander, announced its plan to expand its product offering by including crypto trading services for BTC, ETH, LTC, POL, ADA, and their related investments in Germany.

These customers will no longer be required to transfer funds to any other platform. They also stand to enjoy the backing of Santander as well as the guarantees and investor protection provided by the European Union’s Markets in Crypto-Assets Regulation (MiCA).

This same service will be extended to Spain in a few weeks, marking further expansion within Europe. Going forward, Openbank intends to extend this service to other available cryptocurrencies. It may also include new functionalities like conversion between different cryptocurrencies.

Grupo Santander’s Head of Crypto Coty de Monteverde acknowledged the new development, citing that the launch of this crypto trading service is a response to the demand of the firm’s customers.

Openbank will now “continue to strengthen a broad range of products and services through an agile, simple technology platform backed by one of the world’s leading financial groups,” Coty de Monteverde added.

As pointed out by the executive, there has been a massive influx of demand for digital asset-based services from institutional investors. In this light, more companies are scaling to meet this rising demand. Just before the end of H1, financial card service provider Mastercard partnered with Chainlink to bring on-chain crypto trading services to its 3 billion users.

Around the same period, online banking platform SoFi Technologies made a comeback to the crypto space after a hiatus of up to two years. Apart from the reintroduction of its crypto trading service, the firm brought “blockchain-powered international remittances.” This underscores the commitment of these companies to meet their customers’ demands.

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