In a major move towards mainstream adoption, Santander will now provide crypto trading and custody services for its clients with accounts in Switzerland.
Santander Private Banking International has announced it will now offer its high-net-worth clients in Switzerland the ability to trade and invest in Bitcoin and Ethereum.
"As holding of crypto as an alternative asset class continues to expand, we expect that our clients prefer to rely on their existing financial institutions to be responsible for their assets," said John Whelan Head of Crypto Assets at Santander.
He also noted Switzerland's crypto regulations are among the most advanced globally, providing clarity for clients.
Santander, which has been in business for over 160 years and counts 166 million customers, has taken a proactive stance on crypto. While risks exist, the bank seems to recognize the growing importance of digital assets in banking.