Introduction to Openbank and its New Service
Openbank, the digital banking arm of Santander, has launched a new crypto trading service in Spain starting from this Tuesday. The service enables customers to buy, sell, or custody Bitcoin, Ethereum (Ether), Litecoin, Polygon, and Cardano, alongside other cryptocurrency investments.
Expansion of Crypto Services by Spanish Financial Institutions
The offering of crypto services by Spanish financial institutions is rapidly expanding. Openbank now allows its Spanish clients to trade the two largest cryptocurrencies, Bitcoin and Ethereum, as well as some prominent altcoins.
Initial Offering and Benefits
Initially, Openbank’s new service will permit customers to buy, sell, and custody Bitcoin and Ethereum, along with altcoins like Litecoin, Polygon, and Cardano. The bank explains that this service allows clients to operate with cryptocurrencies “without having to transfer money to any other platform, backed by Santander and within the investor guarantees and protection offered by the European Regulation on Crypto-asset Markets (MiCA).”
Leveraging Experience from Germany
For the new operational offering available to Spanish clients, Openbank has drawn upon its experience from the initial weeks of operation in Germany, where a similar service was recently launched.
BBVA’s Role in Crypto Adoption
In July, BBVA became the first major Spanish bank to grant all its clients access to trading the leading cryptocurrencies.
Openbank’s Expanding Crypto Offerings
Starting from this Tuesday, Openbank is expanding its crypto offerings. The list of available cryptocurrencies will grow in the coming months, with plans to introduce “new functionalities such as conversion between different cryptocurrencies.”
Service Details and Fees
Openbank detailed that the new crypto trading service will have a “1.49% commission on asset trades (with a minimum of one euro per transaction) and no custody fee for holdings.”
Key Questions and Answers
- Who is Openbank? Openbank is the digital banking division of Banco Santander, one of the largest financial groups in Europe.
- What cryptocurrencies can be traded through Openbank? Initially, Bitcoin, Ethereum, Litecoin, Polygon, and Cardano are available for trading.
- What benefits does Openbank’s crypto service offer? Clients can trade cryptocurrencies without moving funds to other platforms, backed by Santander and protected under the European Crypto-asset Market Regulation (MiCA).
- How does Openbank’s experience in Germany factor into this launch? Openbank leveraged its experience from the successful implementation of a similar service in Germany to ensure a smooth rollout in Spain.
- What other Spanish banks have embraced cryptocurrencies? BBVA was the first major Spanish bank to grant all clients access to leading cryptocurrencies.
- What additional features does Openbank plan to introduce? Future plans include new functionalities such as conversion between different cryptocurrencies.
- What are the fees associated with Openbank’s crypto trading service? The service has a 1.49% commission on asset trades (with a minimum of one euro per transaction) and no custody fee for holdings.
