Spain’s Largest Bank Banco Santander Kicks Off Retail Crypto Trading in Germany, Spain to Follow

Core Insights - Banco Santander has launched retail crypto trading through its online banking subsidiary, Openbank, marking a significant entry into the digital asset space for one of Europe's largest banks [1][6] - The service allows customers to trade a select list of cryptocurrencies directly from the Openbank app, with plans for expansion into Spain and the EU [2][3] Group 1: Service Launch and Features - The crypto trading service began on September 16 for Openbank users in Germany, enabling them to buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, Litecoin, Polygon, and Cardano [2][6] - The integration allows retail clients to manage crypto trades alongside traditional investments such as stocks and ETFs without relying on third-party exchanges [3][6] Group 2: Expansion Plans - Santander plans to extend the crypto trading service to Spain by the end of September, with a broader rollout across the EU scheduled shortly thereafter [3][6] - Openbank currently serves over 2 million clients across multiple countries, including Spain, Germany, Portugal, the Netherlands, the U.S., and Mexico [3] Group 3: Industry Context - Santander's move is part of a larger trend among European banks to adopt regulated crypto services, driven by the EU's Markets in Crypto-Assets (MiCA) legislation [4][5] - Other banks in Germany, such as DZ Bank and Sparkassen-Finanzgruppe, are also advancing their crypto offerings, indicating a growing acceptance of digital assets in the banking sector [7]