Openbank, the digital bank of Grupo Santander, has launched a new cryptocurrency trading service for its customers in Germany. The service allows users to buy, sell, and hold five major cryptocurrencies: Bitcoin, Ether, Litecoin, Polygon, and Cardano. Customers can manage these assets alongside their existing investments without needing to transfer funds to external platforms.
The offering is available immediately to all Openbank customers in Germany and will be introduced in Spain within the next few weeks. According to the company, this new service is backed by Santander and complies with investor protection standards set by the European Markets in Crypto-Assets Regulation (MiCA).
"Starting today, the bank will enable customers to buy, sell or hold Bitcoin, Ether, Litecoin, Polygon and Cardano together with their other investments. And all this without having to transfer money to any other platform, as well as enjoying the backing of Santander and the guarantees and investor protection provided by the European Markets in Crypto-Assets Regulation (MiCA)."
In addition to basic trading functions, Openbank plans to expand its range of supported cryptocurrencies over time. The bank also intends to introduce features such as conversion between different cryptocurrencies.
The trading service charges a fee of 1.49% per transaction on sales and purchases with a minimum charge of €1 per operation. There are no custody fees for holding crypto assets through Openbank.
"This service strengthens Openbank’s offering to investors in Germany through innovative products and services. It currently provides an automated investment service, Robo Advisor; a portfolio of more than 3,000 stocks; 3,000 investment funds from over 123 asset managers; and more than 2,000 ETFs. In recent weeks, it has also launched a broker platform equipped with artificial intelligence-based tools that deliver target prices for more than 1,000 European and US stocks."
With this launch in Germany followed by an upcoming rollout in Spain, Openbank continues its strategy of expanding digital investment options for its customer base across Europe.