Santander Bank, a Spanish banking giant, has launched a ‘Digital Assets 101’ series on its website in the wake of multiple applications for a spot Bitcoin ETF in the U.S.
According to a June 9 tweet, Santander Bank, one of the largest banks in Europe, has recently launched a ‘Digital Assets 101’ educational series on its website, aiming to “break down the fundamentals, benefits, and implications of this transformative technology,”
The first course of the series explained Bitcoin’s history, features, and potential. The second lesson, published on June 16, covered the Lightning Network, a protocol that enables fast and cheap micropayments on top of Bitcoin.
The educational initiative by Santander Bank comes when several large financial and asset management institutions have applied or re-applied for a spot Bitcoin exchange-traded fund (ETF) in the U.S., signaling a growing interest and demand for crypto assets among investors.
Applicants for a Spot Bitcoin ETF
A Bitcoin ETF paves the way for more institutional and retail investors to enter the crypto market and provide more legitimacy and credibility to the industry.
However, a Bitcoin ETF is not yet been approved in the U.S., as the Securities and Exchange Commission (SEC) has repeatedly rejected or delayed such proposals due to concerns over market manipulation, fraud, and custody issues.
Despite the regulatory hurdles, several firms have recently filed or re-filed for a spot Bitcoin ETF in the U.S., hoping to be the first to launch such a product. Some of the notable applicants include:
- BlackRock, the world’s largest asset manager, with over $9 trillion in assets under management. BlackRock filed for a Bitcoin futures ETF on November 19, following its previous filing for an ETF that would invest in companies involved in blockchain and crypto.
- Valkyrie, a digital asset management firm that already offers a Bitcoin trust and an exchange-traded trust (ETT) that invests in companies that mine Bitcoin. Valkyrie re-filed for a spot Bitcoin ETF on November 23 after withdrawing its previous application in August.
- Invesco, an independent investment management company with over $1.5 trillion in assets under management. Invesco filed for a spot Bitcoin ETF on November 23 in partnership with Galaxy Digital, a diversified financial services firm dedicated to crypto and blockchain.
- WisdomTree, a global ETF and exchange-traded product (ETP) sponsor with over $75 billion in assets under management. WisdomTree re-filed for a spot Bitcoin ETF on November 24 after withdrawing its previous application in June.
- Bitwise, a crypto index fund manager with over $1 billion in assets under management. Bitwise re-filed for a spot Bitcoin ETF on November 29 after withdrawing its previous application in January 2020.
A Shift from Skepticism
Santander Bank was not always supportive of Bitcoin and the crypto industry. In 2020, the bank limited Bitcoin payments for its U.K. customers, citing regulatory uncertainty and compliance issues.
The bank also blocked payments to Coinbase, one of the largest crypto exchanges in the world.
However, Santander Bank has changed its tune recently, as it started to educate its customers and the public about digital assets via its website.
The bank also expressed interest in launching Spain’s first Bitcoin ETF, despite the regulatory challenges in the country.
The change in attitude by Santander Bank may be influenced by the growing adoption and innovation of crypto assets worldwide and the increasing competition from other banks and financial institutions that offer crypto-related products and services to their clients.
