Legacy Banks Go Digital: Openbank Gambles on Crypto to Win the Future

Spain’s Banco Santander, through its digital bank Openbank, has begun offering cryptocurrency trading services in Germany and is preparing to expand the offering to Spain, marking a strategic step into the fast-growing digital asset market. The service is initially available to German customers through Openbank’s mobile application, with Spain expected to follow in the near future.

The launch comes as traditional financial institutions increasingly integrate crypto services to meet growing client demand. Openbank, which operates under the Santander Group and serves more than 10 million customers in Europe, has been testing its crypto offering in other markets, including the U.S., and now is scaling the service within the European Union. The platform supports the trading of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), with plans to add more digital assets based on market demand.

According to Openbank’s disclosures, the service is fully compliant with German financial regulations, including the country’s strict anti-money laundering (AML) and know-your-customer (KYC) rules. The bank has partnered with established crypto infrastructure providers to ensure secure and efficient transactions. Openbank has not disclosed the exact number of supported assets but emphasized that its platform allows users to trade digital currencies as easily as traditional investments.

Analysts note that Santander’s move aligns with broader industry trends, as banks seek to remain competitive in a landscape increasingly influenced by fintech and digital innovation. Openbank’s expansion into crypto services is also seen as a response to the rising adoption of digital assets among retail investors. The bank is reportedly in discussions with Spanish regulators to ensure full compliance before launching the service in its home market.

The company has also expressed interest in potentially integrating blockchain technology into its broader banking services, including payment solutions and cross-border transactions. While it has not provided a timeline for those initiatives, the bank’s management has stated that digital currencies will play a key role in its long-term strategy.

Openbank’s entry into the crypto market reflects a broader shift within the banking sector, where legacy institutions are adapting to the demands of a tech-savvy customer base. Santander has been particularly proactive in digital banking, having launched Openbank as a challenger to traditional European banks. The latest offering is expected to enhance Openbank’s appeal to younger investors and position it as a leader in digital financial services.