Spain-based Santander has announced it will also take part to the Blockchain revolution through funds referenced to Bitcoin and, perhaps, to other major cryptocurrencies.
These ETFs will most likely be futures ETFs, which does not involve buying Bitcoin or cryptocurrencies, to back the fund, in the style of the two ETFs (ProShares and Valkyrie) that have recently been approved in the US.
The demand from Santander customers to invest in bitcoin seems to have played a role in the bank’s decision. However, Santander was not the first major Spanish bank to facilitate investment in crypto assets. Since June 2021, BBVA has already had a bitcoin trading and custody system in operation, albeit exclusively through its subsidiary in Switzerland, where legislation on crypto assets is clearer and more advanced.
Santander is thus following in the footsteps of investment banks such as BNY Mellon, Morgan Stanley, Goldman Sachs, JP Morgan, and investment funds such as BlackRock. Santander’s decision adds a small step forward in Bitcoin’s quest for widespread adoption as a store of value and as an exchangeable currency.
