Banco Santander Partners with Taurus to Safeguard Swiss Clients’ Bitcoin and Ether
Spanish financial services giant Banco Santander has reportedly chosen digital asset management firm Taurus to protect its Swiss clients’ Bitcoin (BTC) and Ether (ETH) holdings. The bank’s Swiss private banking unit recently launched a new Bitcoin and Ether trading service for clients with Swiss accounts, with access to crypto investment services available upon request through relationship managers.
A CoinDesk report, citing an anonymous source, stated that Banco Santander has appointed Taurus as the custodian of the crypto assets. However, when reached for comment, Santander declined to confirm the partnership, stating that they do not comment on providers or possible providers.
Taurus, which recently partnered with Deutsche Bank to provide cryptocurrency custody options, has not yet responded to requests for comment on the reported collaboration with Banco Santander.
While some banks rely on existing players for custodial needs, Germany’s DZ Bank, the country’s third-largest bank by asset size, has launched its own digital assets custody platform built on blockchain technology. The bank’s head of securities services and digital custody, Holger Meffert, has expressed interest in distributed ledger technology (DLT) and hopes to offer institutional investors and private customers the ability to buy cryptocurrencies, such as Bitcoin, in the future.
Overall, the partnership between Banco Santander and Taurus highlights the growing interest among traditional financial institutions in entering the crypto space and providing cryptocurrency services to their clients.