Openbank, Santander's digital banking division, announced on Tuesday the launch of a crypto trading service for its Spanish customers. This move puts it in direct competition with its rival BBVA in the Spanish market, according to Reuters.
The launch capitalizes on growing retail demand for digital assets, driven by recent record highs in Bitcoin and the changing political landscape in the United States.
The service will operate under the EU's Markets in Crypto Assets (MiCA) regulation, allowing customers to buy, sell, and hold major cryptocurrencies, such as Bitcoin and Ethereum, directly through Openbank's platforms.
The bank plans to expand its token offering and introduce crypto-to-crypto conversions soon.