The latest reports reveal that OpenBank, the online bank of Banco Santander, has begun to provide crypto trading services in Europe. This is the latest initiative of a European financial institution for Crypto adoption on a large scale. OpenBank is headquartered in Madrid, Spain, and was founded in 1995.
OpenBank will allow retailers in Germany to trade Crypto
On September 16, Bloomberg reported that, starting today, retail customers of OpenBank can start trading the following digital assets: Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Polygon (POL) Cardano (ADA) according to reports, the number of digital assets will be extended in the future. Also, OpenBank will also launch this service for customers in Spain in the coming weeks. Coty de Monteverde, the head of the Crypto department of Grupo Santander, said that, by integrating the main cryptocurrencies into the online investment platform, the bank responds to an increasing demand from customers. OpenBank will charge a commission of 1.49% for transactions, with a minimum of $ 1.18 or 1 euro per transaction, without custody fees. This move comes after Santander has also revealed plans to launch a stablecoin, thus providing more support for the industry.
Santander plans for launching a stablecoin
Santander also intends to provide a stablecoin, according to a report published in May by the same source, against the background of increasing the popularity of stablecoins in the ecosystem. Stablecoins are important because they represent a bridge between the traditional financial system and the innovative crypto industry. On September 16, the total capitalization of the Stablecoins market exceeded $ 293 billion, according to Coingecko data, with Tether (USDT) and Circle (USDC), with over $ 170 billion, respectively over $ 73 billion.
The main stablecoins after market capitalization – data Coingercko Santander plans for a stablecoin also reflect the regulatory directions established in the US during the Trump administration, by the Genius Act law – the first major law that specifically regulates stablecoins.
Traditional banks support Crypto adoption in the EU
The OpenBank decision to support Crypto adoption in Europe is just a recent example of how traditional banks enter the Crypto sector. This movement comes after the EU has fully implemented the small legislative framework, which promises to regulate the digital assets industry offering more transparency and protection for users in the ecosystem. On September 16, the general capitalization of the Crypto Market has exceeded 4 trillion dollars, and is now waiting for the FED decision to be announced tomorrow at the US FOMC meeting on reducing interest rates. Powell's decision could trigger a major growth on the market. Join the 33,000+ subscribers. No spam, only useful info.