Santander, a leading financial institution in Spain, is preparing to offer a Bitcoin ETF to its customers in the country.
This reportedly positions the company to be the only financial institution interested in offering this type of product to its customers in Spain.
Spain’s BBVA is already offering bitcoin trading services to its users in Switzerland, due to the advanced cryptocurrency ecosystem and clear regulations the country offers.
Botín could have been referring to the work they are doing on the ETF within the bank, because no product of this kind has been registered with the CNMV, the institution that oversees the securities market in the country.
However, the vehicle approved was a bitcoin futures ETF, making its management costly and taking part of its charm away for small investors.
Even so, some feel the importance and reach of such an important product for investing in bitcoin should not be overlooked, as it could give Santander an advantage when it comes to portfolio offerings.
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