Openbank Launches Crypto Trading: Bitcoin, ETH, ADA & More
Openbank Enters Crypto Trading Arena
Openbank, Banco Santander’s digital division, announced the launch of cryptocurrency trading services for retail investors in Germany. Clients can now trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Polygon (MATIC), and Cardano (ADA) directly through their existing investment platform.
This move signals growing institutional acceptance of digital assets and provides retail clients with easier access to crypto markets.
Expansion Plans and New Features
Openbank, a leading digital lender in Europe, plans to broaden its crypto offerings in the coming months. Key updates include:
- Adding more crypto assets to the trading platform.
- Extending crypto trading services to customers in Spain.
- Introducing crypto-to-crypto conversion features.
Executive Perspective
Coty de Monteverde, Head of Crypto at Grupo Santander, stated that the inclusion of major cryptocurrencies aligns with the bank's strategy to diversify its product range and meet evolving customer demands. She noted that this initiative allows them to strengthen a broad range of products and services through a simple technology platform.
Strategic Context
This launch follows earlier reports of Santander exploring broader crypto services, including a stablecoin project potentially pegged to the euro or US dollar. Openbank has sought licenses under the EU’s Markets in Crypto-Assets (MiCA) framework, with this rollout occurring post-MiCA implementation. For projects launching new tokens, security audits from firms like Codeum are critical to ensure user safety and regulatory compliance.
Fee Structure
Openbank will charge a 1.49% fee on crypto trades, with a minimum charge of €1 ($1.18) per transaction. There are no custody fees.
Key Takeaways
- Openbank now offers retail trading of Bitcoin, Ether, Cardano, Litecoin, and Polygon to German clients.
- Santander plans to expand token offerings and extend crypto trading to Spanish customers soon.