Santander Private Banking International, a division of the prominent Spanish financial institution Banco Santander, has unveiled an exclusive opportunity for its high-net-worth clients holding Swiss accounts. This initiative facilitates trading and investment activities in two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
According to the news reported internally, the offering signals the financial institution’s foray into the rapidly evolving realm of digital assets. However, this specialized trading option is specifically tailored for high-wealth clients with Swiss accounts, subject to predefined criteria to ensure a strategic and discerning approach to cryptocurrency involvement.
Santander Enters Switzerland With Ease
The criteria are designed to align with the unique needs and preferences of Santander’s esteemed clientele. To access these novel services, clients are required to express their interest through their assigned relationship managers, adding a layer of personalized engagement to the process.
Crucially, the assets involved in cryptocurrency trading and investing will be subject to a meticulously regulated custody model. This ensures a secure and compliant environment for handling digital assets, aligning with Santander’s commitment to providing a robust and trustworthy financial ecosystem for its clientele.
However, the regulated custody model not only safeguards the assets but also adheres to prevailing regulatory standards, contributing to the overall integrity of the cryptocurrency transactions.
Rise of Bitcoin and Ethereum Market Cap
Earlier in July, Mike Novogratz, Galaxy Digital founder and CEO, predicted that the market capitalization of Bitcoin would rise to unprecedented value before the end of this year. It is worth noting that at the time, there were mounting expectations that the Securities and Exchange Commission (SEC) would approve the spot BTC ETF applications of BlackRock, Invesco, Fidelity, WisdomTree, Valkyrie, and others before the end of the year.
Meanwhile, according to a report by thecoinrise, BTC’s dominance in the cryptocurrency market has risen to more than 49% in over two years, indicating its growing dominance.
Also, recent data revealed that the price of ETH experienced a sudden surge of over 10%, following Nasdaq’s filing for a proposed iShares Ethereum Trust. This sharp price increase emphasizes the crypto market’s sensitivity to regulatory developments and institutional adoption.
SEBA Introduces Staking Service
Recall that a year ago, SEBA, a Swiss-based digital asset bank introduced an Ethereum staking service for institutional clients. Notably, this was accomplished even before the Merge, a conversion from a Proof-of-work consensus process to a proof-of-stake consensus mechanism.
Moreover, SEBA launched regulated custody for high-profile Non-fungible tokens (NFTs). This allowed its users to keep ETH-based NFTs- basically, NFT collections like Bored Apes and CryptoPunks–in their accounts.