The latest reports reveal that Openbank, the online bank of Banco Santander, started offering crypto trading services to retailers in Europe. This is the most recent push of an important European financial institution for mainstream crypto adoption.
Openbank is headquartered in Madrid, Spain, and was founded in 1995.
Openbank to Allow Retailers in Germany to Trade Crypto
On September 16, Bloomberg reported that as of today, retail customers of Openbank can begin trading the following digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Polygon (POL)
- Cardano (ADA)
According to the reports, the number of digital assets will be expanded in the future. Also, Openbank will roll out the service to its customers in Spain in the upcoming weeks.
Coty de Monteverde, head of crypto at Grupo Santander, stated that by incorporating the main cryptos into the online investing platform, the bank is responding to a rising demand coming from its customers.
Openbank will reportedly charge a 1.49% fee on trades, with a minimum of $1.18 or 1 Euro per transaction, with no custody fees.
The bank’s move comes after Santander also revealed plans to launch a stablecoin, showing more support for the industry.
Santander’s Stablecoin Plans
Santander also plans to offer a stablecoin, as reported by the same publication in May, amidst a rise in stablecoin popularity in the ecosystem.
Stablecoins are important as they represent a bridge between the traditional financial system and the innovative crypto industry.
As of September 16, the total stablecoin market cap is over $293 billion, according to data from CoinGecko, with Tether (USDT) and Circle (USDC) as leaders, having over $170 billion in market cap and over $73 billion in market cap, respectively.
Santander’s stablecoin plans mirror the moves made in this direction under the Trump administration via new stablecoin legislation included in the GENIUS Act – this first major law in the US that specifically regulates stablecoins.
Traditional Banking Supports Crypto Adoption in the EU
Santander’s Openbank’s move towards supporting crypto adoption in Europe is just one recent example of how traditional banks are entering the crypto sector.
The move comes after the EU has fully implemented its MiCA crypto framework, which promissed to regulate the digital asset industry while offering more transparency and protecting users in the ecosystem.
On September 16, the general crypto market surpassed $4 trillion in market cap, and it’s awaiting the Fed’s decision set to come during the FOMC meeting in the US tomorrow regarding interest rate cuts. Powell’s decision could ignite a huge market rally.
