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Santander’s $57 Billion Banking Empire Takes on Bitcoin Education

Previously skeptical Santander bank has started giving bitcoin lessons online.

Key Points

  • Santander Bank, previously hesitant about crypto, has launched an educational series called ‘Digital Assets 101’ on its website.
  • The bank has also shared another lecture on the pros and cons of Bitcoin’s Lightning Network protocol. 
  • This change in attitude is shown just as several firms have recognized the potential of crypto, with companies such as BlackRock and Invesco filing for bitcoin ETFs.

In 2022, Santander Bank was hesitant about the cryptocurrency sector and even limited Bitcoin payments. However, the Spanish banking giant has since changed its tune, coinciding with a surge of applications for a Bitcoin exchange-traded fund by major financial and asset management institutions. In a surprising move, Santander has launched a new educational series called ‘Digital Assets 101’ on its website. 

The company announced on its Twitter profile that the series would “break down the fundamentals, benefits, and implications of this transformative technology.” The first lesson, which was introduced on June 9, was all about Bitcoin.

Just a week later, Santander shared another lecture, this time focusing on the pros and cons of Bitcoin’s Lightning Network protocol. The bank praised the protocol for enabling high volumes of instantaneous micropayments, supporting millions of transactions per second. 

It seems that Santander has finally embraced the potential of cryptocurrencies, and is now taking steps to educate its customers on the benefits and risks of this new technology.

Crypto on the Trend

It’s interesting to note that a change in attitude towards cryptocurrencies has emerged just as several major mainstream institutions have recognized the potential of the crypto space. These firms are now jumping on the Bitcoin ETF bandwagon, offering their clients access to crypto assets without direct exposure.

Among the companies that have recently filed or re-filed for a spot Bitcoin ETF are BlackRock, the world’s largest asset manager, Valkyrie, a digital asset management firm, Invesco, an independent investment management company, WisdomTree, a global ETF and ETP sponsor, and Bitwise, a crypto index fund manager.

At the time of publication, Bitcoin was trading at $29,995, up 4.39% on the day, 21.25% over the previous week, and 10.64% on its monthly chart. This represents an 80% increase since the start of the year, according to the latest data retrieved by Finbold on June 22.