Core Progress
Lending Scale: Crypto mortgage loans issued in Q1 2024 reached $470 million, a quarter-on-quarter increase of 210%
Service Target: Mainly serving institutional and high-net-worth clients, accepting BTC/ETH as collateral (LTV ≤ 50%)
Interest Rate Advantage: Annual interest rates of 5.8%-8.3%, lower than BlockFi's pre-bankruptcy levels (9%-12%)
Industry Impact
Traditional financial institutions are seizing the crypto lending market with compliance advantages, currently holding 18% market share (only 5% in 2023)
Santander uses "cold storage + insurance" dual protection, maintaining a bad debt rate of 0.7% (industry average 2.3%)
The bank plans to launch crypto credit products for SMEs in Q3
Market Reaction
After the news was announced, Santander's US stock (SAN) rose 3.2% after hours
Decentralized lending protocol Aave's TVL dropped 6% during the same period, indicating a capital diversion effect
