FILE PHOTO: The logo of Openbank is pictured in Mexico City, Mexico February 18, 2025 REUTERS/Raquel Cunha/File Photo
MADRID (Reuters) -Openbank, Santander's digital lender, said on Tuesday it had launched a cryptocurrency trading service in Spain, following rival BBVA.
Banks are seeing growing demand from customers for crypto products after bitcoin hit record highs last month, helped by U.S. President Donald Trump's pro-crypto stance.
In June, BBVA advised wealthy clients to invest up to 7% of their portfolio in cryptocurrencies, warming to a sector once avoided by mainstream finance because of its risks.
Openbank's service operates under the EU's Markets in Crypto-assets framework, and will allow clients to buy, sell, and hold bitcoin, ether, Litecoin, Polygon, and Cardano directly on its app and website.
Openbank said it planned to expand the list of supported tokens and add crypto-to-crypto conversions in the coming months, with a 1.49% fee per transaction or a minimum 1 euro, with no custody fees.
The rollout follows a recent launch in Germany.
In 2023, Santander's private bank rolled out a service, allowing its clients to invest in and trade bitcoin and ether.
Standard Chartered in July introduced spot trading for bitcoin and ether through its UK branch for institutional clients.
(Reporting by Jesús Aguado. Editing Emma Pinedo and Mark Potter)
