For a long time, Spain’s financial sector remained on the sidelines of the cryptocurrency boom, but things have changed dramatically. The country’s leading banking groups have finally decided to actively develop this promising market, which now boasts a staggering capitalization of $3 trillion. The adoption of the European MiCA regulation has created a more stable and predictable environment, prompting Santander, CaixaBank, and BBVA to roll out their own digital asset offerings. They are now entering fierce competition for customers with established platforms like eToro and Bit2Me, and each banking giant has chosen its own unique strategy.
BBVA was the pioneer on this path. The bank began its expansion outside Spain, launching a Bitcoin trading and custody service for private banking clients in Switzerland back in 2021. In 2023, a similar service was introduced in Turkey. Only recently has the bank rolled out a full-scale operation nationally, giving all clients in Spain the opportunity to buy, sell, and store the two main cryptocurrencies—Bitcoin and Ether. BBVA’s key advantage lies in its in-house asset custody service, which eliminates reliance on third-party custodians and extra fees. The bank charges a 1.49% commission on each trade. The financial group is also planning to launch its own stablecoin—a token with a fixed value.
Santander operates through its fully digital branch Openbank, which has already tested this new model in Germany. Recently, German clients have been able to manage not only Bitcoin and Ether, but also Litecoin, Polygon, and Cardano, with more coins to be added in the future. A similar system is set to launch in Spain. You can start investing with as little as one euro, with a transaction fee of 1.49% and no custody fees. Openbank plans to expand its services further, including adding the option to exchange one cryptocurrency for another. Meanwhile, parent company Santander is exploring the possibility of launching a G7 currency-pegged stablecoin, partnering with global giants like Goldman Sachs and Deutsche Bank.
CaixaBank, Spain’s third-largest bank, has chosen a more cautious approach. It gives clients access to cryptocurrencies via exchange-traded products (ETPs) from asset managers Invesco and WisdomTree, which track the value of Bitcoin. These products can be purchased through the bank’s digital platforms, including the youth-oriented Imagin service. There is no minimum investment threshold, making this option attractive to retail investors, who, according to many experts, gain a safer way to access crypto assets. CaixaBank is also involved in a pan-European project to create a euro-pegged stablecoin along with eight other EU banks.
