TL;DR
Openbank, the digital arm of Spanish banking giant Banco Santander, is stepping up its commitment to cryptocurrency by offering retail trading services to customers in Germany. Starting this week, the online bank will enable users to buy, sell, and hold five prominent cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Polygon (MATIC), and Cardano (ADA). The service is expected to be rolled out to Spain within the coming weeks, further expanding Openbank’s presence in the European digital asset market.
The move highlights the growing interest from traditional European banks in integrating cryptocurrencies into their offerings. It follows a broader trend of digital assets gaining more mainstream acceptance, especially after the European Union’s Markets in Crypto-Assets (MiCA) regulation was fully implemented. This regulatory framework has provided much-needed clarity and security for both investors and financial institutions, making it easier for banks like Openbank to offer crypto services.
Openbank’s initiative is particularly attractive to retail clients looking to manage their investments within a single platform. Instead of needing to transfer funds to external exchanges, users can access cryptocurrencies directly through Openbank’s investment platform, alongside traditional financial products like stocks and ETFs. The bank has made it clear that their cryptocurrency service aims to meet the rising demand from customers seeking exposure to digital assets.
As for fees, Openbank will charge a competitive 1.49% per transaction, with a minimum fee of €1 (around $1.18). This fee structure is designed to keep costs manageable for retail traders while providing a secure and regulated environment for their transactions. Additionally, there are no custody fees, which is a crucial point for crypto investors looking to minimize their overall expenses.
In line with its vision of becoming a key player in the evolving crypto space, Openbank has announced plans to expand its portfolio of available cryptocurrencies. Future updates are expected to include more digital assets and the ability to convert between different cryptocurrencies within the platform. This continued expansion reflects Openbank’s commitment to evolving with the market and responding to the needs of its tech-savvy clientele.
Also read: Inside the Daily Habits of Winning Crypto Traders
