Santander's digital bank Openbank has launched Bitcoin and cryptocurrency trading services for retail customers in Germany, signaling growing institutional confidence in digital assets.

Executive Summary

Openbank, the 100% digital bank subsidiary of Grupo Santander, initiated cryptocurrency trading services for retail customers in Germany on September 16, 2025. This development allows users to buy, sell, and hold Bitcoin, Ether, Litecoin, Polygon, and Cardano alongside traditional investments, integrated within their existing banking platform.

The Event in Detail

Openbank commenced its cryptocurrency trading service on September 16, 2025, for retail clients in Germany. The offering is integrated into the bank's existing investment platform, removing the necessity for users to transfer funds to external platforms. The service is scheduled for rollout in Spain in the coming weeks. The offering is backed by Santander and complies with the European Markets in Crypto-Assets Regulation (MiCA), ensuring investor protection. Openbank intends to expand its cryptocurrency portfolio and introduce additional functionalities, such as crypto-to-crypto conversion, in subsequent months.

Financial Mechanics

The new cryptocurrency trading service implemented by Openbank features competitive fees. Transactions for asset sales and purchases incur a fee of 1.49%, with a minimum charge of €1 per operation. The service charges no custody fees. This structure aims to provide a cost-efficient investment infrastructure, partly facilitated by a partnership with Upvest for its API-first investment infrastructure.

Business Strategy and Market Positioning

Openbank's expansion into cryptocurrency trading aligns with a broader strategic objective to meet evolving customer demand and strengthen its product and service offerings through an agile technological platform. This move positions Santander among major European financial institutions embracing digital assets under the clarity provided by MiCA regulations. Other German financial institutions, such as Deutsche Bank and Sparkassen, are also preparing to launch regulated crypto services by 2025 and mid-2026, respectively, indicating a significant shift in the German banking sector. Deutsche Bank is developing a regulated crypto custody service, while Sparkassen plans to enable crypto trading directly within its banking app for its 50 million customers. This trend is consistent with other European banks, including BBVA, which offers Bitcoin and Ethereum trading in Spain, and Societe Generale, which introduced a MiCA-compliant euro stablecoin, EUR Coinvertible.

Market Implications

The launch of cryptocurrency trading by Openbank is poised to foster increased retail adoption of digital assets in Germany and potentially serve as a precedent for other traditional banks globally. This initiative further legitimizes cryptocurrencies as an asset class within traditional finance, potentially stimulating capital inflow and enhancing regulatory clarity across the European Union. The full effect of MiCA across the European Union from December 30, 2024, establishes a unified legal framework for financial institutions to offer regulated crypto services. By 2025, projections indicate that nearly one-third of Germans (30%) will own crypto, a substantial increase from under 6% in 2022, underscoring the growing market penetration and acceptance of digital currencies.

Expert Commentary

Commenting on the service expansion, Coty de Monteverde, Head of Crypto at Grupo Santander, stated:

By incorporating the main cryptocurrencies into our investment platform, we are responding to the demand of some of our customers and continue to strengthen a broad range of products and services through an agile, simple technology platform backed by one of the world's leading financial groups.