Openbank, the digital arm of Grupo Santander, has officially launched cryptocurrency trading for its customers in Germany. This marks a significant step in the bank's strategy to incorporate digital assets into mainstream financial services. Starting today, German users of Openbank can buy, sell, and hold Bitcoin, Ethereum, Litecoin, Polygon, and Cardano directly through their existing Openbank accounts. This allows them to manage their crypto assets alongside traditional investments in a regulated banking environment, eliminating the need for third-party platforms.
The expansion into cryptocurrency trading reflects a growing demand from retail investors who want exposure to digital assets but prefer the security of a regulated banking environment. Grupo Santander's Head of Crypto, Coty de Monteverde, acknowledged that the launch of the crypto trading service is a direct response to customer demand. Openbank aims to strengthen its offerings through a simple, agile technology platform backed by a leading global financial group.
Openbank's cryptocurrency service in Germany offers competitive fees of 1.49% on asset sales and purchases, with a minimum of €1 per transaction, and no custody fees. By integrating crypto trading into its existing infrastructure, Openbank provides a seamless experience for its customers. This move positions Openbank as one of the first major digital banks in Europe to roll out crypto services under the regulatory safeguards of the European Markets in Crypto-Assets (MiCA) regulation, providing an additional layer of investor protection.
The launch in Germany is just the beginning. Openbank has confirmed that the same crypto trading functionality will be available in Spain within weeks. Further expansion to other European markets is also planned. In the coming months, Openbank intends to broaden the range of supported cryptocurrencies and introduce conversion features, enabling seamless swaps between different digital assets. The bank is also reportedly working on a stablecoin.
Openbank received a Spanish MiCA license in July, enabling it to offer cryptocurrency services across European Union markets. To date, Spain's financial regulator CNMV has granted only three MiCA licenses, all to established banks. BBVA secured its license in February and launched services in July, while CECABank received approval on the same day as Openbank. The integration of crypto services by traditional banks like Openbank signals a growing acceptance and integration of digital assets within the established financial system.
