Cryptocurrency

Satander To Offer Crypto Trading Services in Brazil

Enjoying the fruits of its legislative labor after Brazil’s senate approved the country’s first “Bitcoin Law” in April.

Cryptocurrency

Satander To Offer Crypto Trading Services in Brazil

Enjoying the fruits of its legislative labor after Brazil’s senate approved the country’s first “Bitcoin Law” in April.

Spanish banking giant Santander is set to expand its services by offering crypto trading to its clients in Brazil in the upcoming months.

The multinational banking conglomerate, Santander Group, offers more than 14,000 branches of retail and commercial banks providing banking amenities to over 100 million customers.

During July 28 interview, Mario Leão Santander Brasil’s CEO announced that the banking giant would be launching crypto trading for Banco Santander S.A, Santander’s Brazilian subsidiary, within the next upcoming months.

Differentiating from other banks, Santander’s crypto solutions will extend to individual investors alongside institutional and professional financiers. With the latest announcement, Leão shared his beliefs regarding the crypto market’s permanence and confidence in its adoption:

“We recognize that the market is here to stay, and it is not necessarily a reaction to competitors positioning themselves, it is simply a view that our client has demand for this type of asset, so we have to find the most correct and educational way of doing so,” he said.

According to Santander, established banking assets such as bonds and other securities will utilize the blockchain network. As a result of digitization, Santander’s crypto resources will become accessible to a larger audience of users.

This is not the first dip into DeFi that Santander has made. Aside from investments in crypto ETFs, the bank also launched a $20 million (USD) initiative toward scaling blockchain-based startups back in 2019.

Latin America has been amplifying its crypto activities, as Brazil’s major financial players — Nubank and Itaú, also joined the progression.

Nubank, one of the country’s largest financial services, recently brought Ethereum and bitcoin trading to its clients. Within two months, Nubank attained 1 million users for its crypto-based platform.

Another mainstream Brazilian firm, Itaú, launched its own digital asset service earlier this month. Itaú Digital Assets allows for the issuance of tokens, secure crypto custody, and DeFi trading.

In other news, Miami to launch NFTs with TIME, Mastercard, and Salesforce.

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