Santander Brazil Will Introduce Crypto Trading Feature Soon

Santander Brazil Will Introduce Crypto Trading Feature Soon
  • Santander plans to  provide its Brazilian clients with access to crypto trading.
  • Santander has already made inroads with crypto in Latin America.

Spanish banking giant Santander intends to start offering cryptocurrency trading to its clients in Brazil in the upcoming months. Mario Leao, CEO of Santander Brazil, announced this on Thursday.

According to certain sources, the bank intends to launch cryptocurrency-related services and may share more information about the project in the business’s upcoming earnings announcement. 

Crypto Adaptations Increasing in Brazil

Santander has already entered Latin America with crypto this year. In March, it partnered with Argentina-based agricultural commodity tokenization platform AgroToken to launch loans in Argentina for farmers collateralized with tokenized commodities.

Recently, several non-crypto financial firms in Brazil launched their operations in the cryptocurrency space. Brazilian fintech PicPay announced in July that it would start a cryptocurrency exchange and a stablecoin backed by Brazilian real estate in 2022. In contrast, Mercado Libre, Latin America’s largest e-commerce company by market value, began enabling users in Brazil to buy, sell, and hold cryptocurrencies in December.

After only one month of operation, Nubank, the largest digital bank in Brazil by market value, said on Tuesday that it has one million members on its cryptocurrency trading platform. 

The bank Banco Santander, also announced on July 9th, to launch Santander X Global Challenge -Blockchain and Beyond, an approach to support startup incentives in blockchain technology. The award ceremony that took place in the decentralized metaverse was the event’s centerpiece.

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