TLDR
- Santander’s digital subsidiary allows trading and custody of Bitcoin and Ethereum as of this Tuesday.
- The service operates under strict European MiCA regulations, ensuring investor security.
- This move intensifies direct banking competition with BBVA for the retail crypto asset market.
In Spain, the banking sector is undergoing a profound digital transformation, accelerating thanks to Grupo Santander’s move. The entity’s digital banking division, Openbank, officially announced the launch of its platform for digital asset trading.
With the launch of Openbank’s crypto trading, the bank responds to constantly growing retail demand, recently driven by Bitcoin’s all-time highs and a United States political landscape increasingly favorable to the blockchain ecosystem.
With this launch, Santander makes a statement of intent, positioning Openbank to compete with its historic rival, BBVA, which had already ventured into this market.
By enabling these services, Grupo Santander demonstrates how traditional banking has ceased to view cryptocurrencies as a marginal asset, integrating them as a fundamental piece in the value offer for modern clients, seeking to avoid capital flight toward unregulated native exchanges.
Regulatory Security Under MiCA and Asset Expansion
A main foundation of the new service is regulatory compliance. Unlike external platforms, Openbank’s crypto trading operates under the European Union’s Markets in Crypto-Assets (MiCA) regulation framework.
This adherence provides a layer of security and institutional transparency that many conservative investors were waiting for to enter the market. Through the bank’s web and mobile app, users can already trade top cryptocurrencies by market capitalization, including Bitcoin (BTC) and Ethereum (ETH).
The interface was designed to optimize user experience, allowing buying, selling, and holding these assets with the same ease as managing a checking account or an investment fund. However, the entity’s ambition does not stop here. According to sources close to the launch, the bank has an aggressive roadmap for the coming months that includes significantly expanding the catalog of available tokens.
In addition to increasing the variety of assets, Openbank plans to introduce advanced functionalities such as direct crypto-to-crypto conversions, eliminating the need to go through fiat currency for every operation. With Openbank’s crypto trading, the entity seeks to position itself as the definitive bridge between traditional finance and the digital economy in Spain.
