Openbank, the digital banking arm of Banco Santander, has launched retail crypto trading for its users in Germany, starting Tuesday, according to a press release published Tuesday.
Customers can now buy and sell Bitcoin, Ether, Litecoin, Polygon, and Cardano directly through the bank’s investment platform, with plans to add more tokens over time.
Spain is next. The bank confirmed that Spanish customers will get access to the same crypto features in the coming weeks. This rollout comes after the full implementation of the EU’s MiCA regulations, which now provide a legal framework for crypto services across the bloc.
The move adds pressure on other European banks to keep up, especially as US institutions, now encouraged by President Donald Trump’s support and new stablecoin legislation, are taking similar steps.
Openbank charges flat fee ahead of full rollout
Coty de Monteverde, head of crypto at Grupo Santander, said in the statement, “By incorporating the main cryptocurrencies into our investment platform, we are responding to the demand of some of our customers.”
Openbank has set a 1.49% trading fee, with a €1 minimum per transaction, and confirmed it will not charge any custody fees.
Openbank currently operates in Spain, Germany, Portugal, and the Netherlands. The bank says it could extend crypto trading to all these countries within the year, pending regulatory approval.
The announcement also revealed that Santander is looking into launching its own stablecoin, still in early planning. That project was first reported in May. These types of tokens are designed to maintain a fixed value, usually pegged to fiat currencies like the euro or dollar, and are being used more frequently by both consumers and businesses.
Stablecoins, while originally used mainly by crypto traders, are now getting broader attention. Many firms have started using them for international money transfers and digital payments, and some investors are turning to them for blockchain-based settlements, including for bond trading.
In the US, Trump’s return to the White House and his open endorsement of crypto have pushed American banks to explore their own stablecoin projects. Some are now discussing a possible joint token, as reported by the Wall Street Journal.
Earlier this year, World Liberty Financial, owned by the Trump family, launched a new stablecoin called USD1. Analysts at Standard Chartered recently said that if the stablecoin bill passes in the US, the value of dollar-backed stablecoins could hit $2 trillion by 2028, up from around $250 billion today.
BBVA, SocGen and Deutsche Bank move in on euro-backed coins
Across Europe, competition is rising. BBVA, one of Spain’s biggest banks and a direct rival to Santander, said in March that it will roll out retail crypto trading once it gets approval from the country’s market supervisor.
BBVA already gives access to crypto for clients in Switzerland and Turkey, and is currently testing Visa’s new platform for creating and transferring digital bank tokens.
In France, Societe Generale has already issued a euro-pegged stablecoin through its crypto division, joining a small but growing list of banks tokenizing fiat currencies for use on blockchain rails.
Meanwhile, in Germany, Deutsche Bank’s DWS Group, together with Flow Traders and Galaxy Digital, is building another euro-backed stablecoin. These moves are part of a broader push by European banks to get ahead of what could become a massive change in how crypto assets are traded and settled.
But Santander has been in the game far longer than most of its peers. The bank was one of the first traditional institutions to invest in blockchain startups, putting money into Ripple Labs through its venture arm years ago.
It has also participated in cross-industry blockchain initiatives, like Fnality International, which aims to build out payment infrastructure using distributed ledgers. The bank even used blockchain in a payments app nearly ten years ago, long before most major players were talking about Web3.
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