In the Coming Months, Santander Brazil will Launch a Crypto Trading feature, CEO Says
The banking institution will join Fintech Companies such as Nubank, Mercado Libre, and PicPay in joining the cryptocurrency market.
This post was adapted from CoinDesk Brasil, a collaboration between CoinDesk and InfoMoney, one of Brazil's most prominent financial news publications.
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In the coming months, the Spanish banking conglomerate Santander wants to offer Cryptocurrency Trading to its Brazilian clients, according to Santander Brazil CEO Mario Leao.
According to Folha de So Paulo, the bank intends to provide crypto-related services and could provide more information on the effort in the company is next financial report, which will be issued in mid-October.
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"We know that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves; it is just a perception that our client has desire for this type of asset, so we must find the most appropriate and instructive method to do it," Leao stated.
This year, Santander has already made crypto-related breakthroughs in Latin America.
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In March, in collaboration with Agrotoken, an Argentine platform for tokenizing agricultural commodities, it provided loans in Argentina secured by tokenized commodities for farmers.
Recently, a number of non-crypto financial companies in Brazil have launched or begun conducting crypto initiatives.
In July, the Brazilian fintech PicPay announced plans to launch a Crypto Exchange and a Brazilian real-backed stablecoin in 2022, and in December, Mercado Libre, Latin America's largest e-commerce company by market capitalization, began allowing Brazilian users to buy, sell, and hold Cryptocurrencies.
Nubank, the largest Brazilian digital bank by market value, claimed on Tuesday that its crypto trading platform had achieved one million members just one month after its June launch.
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