Post by : Badri Ariffin

The digital banking landscape in Spain is evolving as Openbank, part of Santander, introduces its new cryptocurrency trading service. Following competitors like BBVA, Openbank now enables its clients to effortlessly buy, sell, and hold well-known cryptocurrencies directly through its website and mobile application.

This initiative comes in response to the growing interest in cryptocurrencies, particularly after Bitcoin recently hit all-time highs, driven largely by supportive views from global leaders. Earlier, BBVA had advised affluent investors to allocate as much as 7% of their portfolios to crypto assets, indicating a shift towards mainstream acceptance of digital currencies by traditional financial institutions.

Openbank's platform includes support for Bitcoin, Ether, Litecoin, Polygon, and Cardano, with plans for further expansions and the introduction of crypto-to-crypto transactions in the near future. Each transaction incurs a fee of 1.49% or a minimum of 1 euro, without any custody charges, catering to both casual and experienced investors.

This service adheres strictly to the EU's Markets in Crypto-assets (MiCA) regulations, ensuring all regulatory requirements are met. This launch follows Openbank's recent expansion into crypto services in Germany, and enhances Santander's private banking offerings, which already include trading options for Bitcoin and Ether. Worldwide, banks like Standard Chartered are also making strides in this sector by providing spot trading for institutional clients in the UK.

With digital banks such as Openbank and BBVA adopting cryptocurrency services, banking customers in Spain now enjoy improved access to digital assets, mirroring a larger trend of conventional finance adopting investment options that were once considered niche.

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