Spanish financial institution Santander has reportedly selected digital asset manager Taurus to safeguard the Bitcoin and Ethereum holdings of its Swiss clientele. This move comes as Santander Private Bank International's Swiss private banking division initiated a new service offering Bitcoin and Ethereum trading to clients possessing Swiss accounts.
A report by CoinDesk, citing an anonymous source familiar with the matter, revealed that Santander has enlisted the services of cryptocurrency custody firm Taurus to execute a self-custody model for handling digital assets. Notably, on September 14, Taurus had formed a partnership with German banking powerhouse Deutsche Bank, intending to offer cryptocurrency custody solutions to its client base. While some banks prefer to engage existing entities to fulfill their custody requirements, Germany's DZ Bank, ranking as the country’s third-largest bank by assets, embarked on its own path by launching a blockchain-powered digital asset custody platform.
Holger Meffert, overseeing securities services and digital custody at DZ Bank, conveyed the institution's keen interest in leveraging distributed ledger technology (DLT). The bank aims to streamline the process for both institutional investors and private clients to potentially acquire cryptocurrencies like Bitcoin in the future.
