Openbank Launches Crypto Trading Service in Spain

Spain’s digital banking scene is heating up as Openbank, Santander’s online lender, rolls out its new cryptocurrency trading service. Following in the footsteps of rivals like BBVA, Openbank is now allowing its customers to buy, sell, and hold popular cryptocurrencies directly through its app and website.

The move comes amid rising interest in crypto after bitcoin reached record highs recently, a surge fueled in part by pro-crypto sentiments from global leaders. BBVA had earlier encouraged wealthy investors to dedicate up to 7% of their portfolios to cryptocurrencies, signaling a growing acceptance of digital assets among traditional banks.

Openbank’s platform supports bitcoin, ether, Litecoin, Polygon, and Cardano, with plans to expand the list of tokens and introduce crypto-to-crypto conversions in the coming months. Each transaction carries a 1.49% fee or a minimum of 1 euro, without any custody charges, making it accessible to both casual and seasoned investors.

The service is fully compliant with the EU’s Markets in Crypto-assets (MiCA) framework, ensuring regulatory standards are met. This launch follows Openbank’s recent expansion of crypto offerings in Germany, and builds on Santander’s private banking services, which already allow clients to trade bitcoin and ether. Globally, banks like Standard Chartered are also entering the space, offering spot trading for institutional clients in the UK.

With digital banks like Openbank and BBVA embracing crypto, Spain’s banking customers now have easier access to digital currencies, reflecting a broader trend of mainstream finance warming up to previously niche investment options.