Traditional banking institution Openbank initiates cryptocurrency trading for German clients, with ambitious growth plans to extend this service to Spain in the near future.
Openbank, a leading European digital bank, is set to extend its crypto trading services to Spanish customers in the coming weeks. This move follows the bank's successful launch in Germany, Portugal, and the Netherlands, serving over two million clients across these countries.
In alignment with the EU's MiCA regulation, Openbank's crypto trading services in Germany run within the European MiCA regulatory framework, ensuring a secure and compliant environment for its customers. The bank allows customers to buy, sell, and hold five digital assets directly on its platform, including Bitcoin, Ether, Litecoin, Polygon, and Cardano. Additional tokens and features, including crypto-to-crypto conversions, will be available in Spain.
Openbank's expansion to other countries may follow, pending regulatory approvals. This move is part of a broader trend among European banks, as they increasingly focus on crypto services due to new rules making it easier to offer digital assets to customers.
Santander, another major European bank, has announced plans to launch stablecoins and retail crypto services as EU rules take effect. The bank is entering the crypto space, joining a growing number of European banks that are exploring the potential of cryptocurrencies.
The EU's MiCA regulation offers a unified framework for crypto activity across the region, providing a solid foundation for banks to navigate the complex world of digital assets. Deutsche Bank, for instance, plans to offer digital asset custody by 2026, working with Bitpanda and Taurus.
Société Générale has already issued a euro-backed stablecoin in France, and DekaBank launched crypto trading and custody for institutional clients with BaFin approval earlier this year. DZ Bank launched a crypto pilot last year for 700 German cooperative banks, and Sparkassen-Finanzgruppe aims to offer crypto trading to 50 million customers by mid-2026, using DekaBank and Börse Stuttgart Digital for infrastructure.
The GENIUS Act in the United States has pushed banks to explore stablecoins, with institutions like JPMorgan and Bank of America evaluating new cryptocurrency initiatives. Another Spanish bank, BBVA, plans to introduce retail crypto services in Spain once authorized. 71% of Volks- und Raiffeisenbanken in Germany show interest in crypto trading services for private customers, with many seeking legal and operational support to comply with the EU's MiCA regulation expected to drive such expansions from 2025 onward.
Openbank's move to extend its crypto services to Spanish customers removes the need for third-party apps, offering a seamless and convenient experience for its customers. As more European banks follow suit, the crypto landscape in Europe is set to become more diverse and inclusive, providing customers with a wider range of options for managing their digital assets.
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