Openbank Gambles on Crypto to Redefine Digital Banking in Europe

Openbank, the fully digital banking arm of Banco Santander, has launched cryptocurrency trading for customers in Germany, with plans to extend the service to Spain in the coming weeks. This development marks a significant step in the integration of digital assets into traditional banking offerings. The platform now supports the buying, selling, and holding of Bitcoin, Ether, Litecoin, Polygon, and Cardano, all within the same interface used for stocks, funds, and ETFs. The service operates under the European Union’s Markets in Crypto-Assets Regulation (MiCA), providing a regulatory framework that enhances investor protection and aligns with the broader European regulatory environment.

Openbank’s cryptocurrency offering includes a 1.49% transaction fee, with a minimum charge of €1 per trade, and no additional custody costs. The bank aims to expand its digital asset portfolio further, with plans to introduce crypto-to-crypto conversion capabilities in the near future. This move aligns with Openbank’s broader investment strategy, which already includes a diverse range of financial products such as over 3,000 stocks, 3,000 investment funds, 2,000 ETFs, and a newly launched broker platform that provides target prices for a wide range of European and U.S. equities. By integrating cryptocurrency trading into its platform, Openbank is positioning itself as a pioneer in the European digital banking sector.

The rollout of crypto services by Openbank is part of a broader trend among European banks to adapt to the evolving financial landscape. With the full implementation of MiCA, which came into effect in 2025, banks are now required to comply with a unified regulatory framework that ensures transparency, investor protection, and operational resilience across the EU. The regulation has led to a significant transformation in the crypto market, with over 65% of EU-based crypto firms having completed MiCA compliance by mid-2025. The regulatory clarity provided by MiCA has also encouraged the growth of stablecoins, which are now being used more frequently for international money transfers, digital payments, and even blockchain-based settlements for bond trading.

Openbank’s entry into the crypto market also highlights the competitive pressures facing European banks as they seek to remain relevant in a rapidly digitizing financial sector. Rivals such as BBVA, Société Générale, and Deutsche Bank’s DWS Group have also been exploring or launching crypto-related services, including the issuance of euro-backed stablecoins. In France, Société Générale has already issued a euro-pegged stablecoin through its crypto division, while BBVA is testing new platforms for digital bank tokens. Meanwhile, Deutsche Bank is collaborating with Flow Traders and Galaxy Digital to develop another euro-backed stablecoin. These moves indicate a growing recognition among European banks of the strategic importance of digital assets.

Santander’s Openbank is not new to the blockchain space. The bank has a long history of engagement with blockchain technology, having invested in Ripple Labs through its venture arm years ago and participated in cross-industry blockchain initiatives such as Fnality International. This experience has positioned Openbank to move swiftly into the crypto trading space, leveraging both its digital banking infrastructure and its prior blockchain expertise. The bank’s head of crypto, Coty de Monteverde, stated that the integration of major cryptocurrencies into its investment platform reflects customer demand and the broader shift in the financial industry toward digital solutions.

As European banks continue to adapt to the new regulatory and technological environment, the role of crypto assets is expected to expand further. The MiCA framework, combined with other regulatory initiatives like the Digital Operational Resilience Act (DORA), is creating a more secure and transparent environment for crypto trading and investment. This environment is attracting both retail and institutional investors, with EU-based institutions reporting a 32% increase in crypto holdings and a 27% rise in retail participation since the regulation’s implementation. Openbank’s latest move is not just a response to market demand but also a strategic effort to establish itself as a leader in the next phase of digital finance.