OpenBank, SoFi, and the Crypto Shift in Digital Banking
Hey Digital Banking Fanatic!
Digital banks want to be part of the crypto revolution, especially following Bitcoin’s record-breaking performance.
Santander's crypto trading service via OpenBank, announced last month, is now live in Spain.
They operate under the Markets in Crypto-Assets (MiCA) framework, and allow clients to buy, sell, and hold Bitcoin, Ether, Litecoin, Polygon, and Cardano directly on their app and website.
The bank plans to expand the list of supported tokens and add crypto-to-crypto conversions in the coming months, with a 1.49% fee per transaction or a minimum fee of 1 euro, no custody fees.
On the other side of the Atlantic, SoFi has resumed crypto trading for its customers in the US, becoming the first nationally chartered American bank to launch Bitcoin & crypto trading.
“I believe blockchain technology will fundamentally change every way finance is done throughout the world by making money movement faster, cheaper, and safer, while opening new ways for people to borrow better, invest better, spend and save better," said Anthony Noto, CEO of SoFi.
Whether you're a digital bank or a customer, crypto is becoming part of the financial default.
Read more global Digital Banking updates below 👇 and I'll be back with more tomorrow!
Cheers,
NEWS
🇳🇱 Mollie has entered its next chapter with the launch of a unified business banking platform. The new offering aims to eliminate friction in money management by providing fast, intuitive tools that deliver real-time insights, automate administrative tasks, and scale alongside business growth, replacing outdated, costly financial systems with a smarter, more efficient solution.
🇺🇸 SoFi Bank launched SoFi Crypto, a crypto trading platform for consumers. With SoFi Crypto, members will be able to buy, sell, and hold dozens of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), on a platform built for both first-time and experienced crypto investors and users.
🇪🇸 Santander's digital lender Openbank launches crypto trading in Spain. Openbank's service operates under the EU's Markets in Crypto-assets framework, and will allow clients to buy, sell, and hold bitcoin, ether, Litecoin, Polygon, and Cardano directly on its app and website.
🇬🇧 Coinbase partners with ClearBank to launch savings accounts in the UK. Through ClearBank Embedded Banking, Coinbase’s savings accounts will offer its customers the ability to earn high interest rates (3.75% AER paid daily) on GBP cash balances while offering FSCS protection for eligible balances up to £85,000, which will provide users with the opportunity to earn as they trade.
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🇬🇧 OpenPayd expands European payment capabilities with additional domestic virtual IBANs and payment rail. Building on its existing virtual IBAN offering, OpenPayd now provides clients with NL-issued virtual IBANs alongside its existing UK, FR, and MT options.
🇨🇭 StanChart explores reopening its private bank in Switzerland as part of the lender’s efforts to bulk up its offerings for wealthy customers. The deliberations come about a decade after Standard Chartered was forced to wind down its Swiss private banking operation after trying and failing to find a buyer for the business.
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🇵🇭 GoTyme Bank and Wise Platform team up to make international remittances seamless for millions of Filipinos. GoTyme integrated with Wise to enable fast and easy international payments over SWIFT. Customers can now receive money from over 11,000 banks worldwide in 23 major currencies with full pricing transparency and faster settlement times.
🇨🇳 Barclays names Jean-François Mastrangelo its Head of Markets, Asia Pacific. Based in Hong Kong, Jean-François Mastrangelo will lead the bank’s Global Markets business across the region, focusing on strengthening its platform, broadening product offerings, and deepening client relationships.
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