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Santander's online banking unit Openbank has applied for licenses to offer retail crypto services under the European Union's new regulatory regime, and may launch crypto services as soon as this year pending regulatory approvals. The bank is exploring offering stablecoins denominated in the euro and the dollar, and is evaluating options including creating its own stablecoin or offering access to an existing token.
Santander was one of the earliest proponents of blockchain in traditional finance. It was an early investor in several blockchain startups, including Ripple Labs Inc., through its venture capital fund and has taken part in industry-wide initiatives like blockchain payments company Fnality International. The bank has also worked on tokenized bond issuances, and incorporated blockchain in a payments app almost a decade ago.
