Banco Santander Offers Crypto Asset Storage

Bank Santander bahal presents digital asset storage services. (Photo; Doc. Wikimedia)

JAKARTA - Banco Santander, a giant bank from Spain, collaborates with crypto asset management platform Taurus to provide digital asset storage services for its customers. This step shows that the bank anticipates the growing role of cryptocurrencies in the financial world.

For your information alone, Banco Santander is one of 29 global systemic financial institutions classified by the Financial Stability Board (FSB), according to the Cinco Dryptos newspaper. The bank is now starting to expand its services in the crypto field.

last engineering, the Swiss division of the bank announced that it will provide Bitcoin and Ether trading facilities to high-rich individual customers on its platform. The bank manages assets of around $315 billion (IDR 4,885 trillion) and promises a safe and regular storage model for crypto assets. The bank also plans to add other crypto assets in the future.

Filling Out The Gap

The collaboration with Taurus confirms Banco Santander's commitment to meet the growing needs of its customers in the digital era. Taurus is a Swiss-based financial technology company and provides infrastructure solutions for digital assets and blockchain.

Banco Santander is not the first bank to partner with Taurus. Previously, Deutsche Bank also used the Taurus service to offer Bitcoin storage to its international clients.

In addition, HSBC chose Ripple's Metaco as a crypto storage partner, which received a warm welcome from XRP fans. Several other banks, such as DZ Bank Germany, Standard Chartered, and BNY Mellon, have also launched their own digital asset storage platforms.

Not only banks, several major financial institutions, such as BlackRock, Fidelity, and Franklin Templeton, have also taken bold steps in the crypto ecosystem.

The decisions of major banks to engage directly with digital assets show a change in attitude towards crypto. Previously, banks and financial institutions tended to prefer to play safe with tokenized responsibilities and avoid open blockchain and related assets.