Santander Brazil CEO Mario Leao said on Thursday that Spanish banking multinational Santander plans to offer crypto trading to its clients in Brazil in the coming months,
The bank is planning to launch crypto-related services and would provide further news about the initiative in the company’s next earnings release, in mid-October, Folha de S. Paulo newspaper reported.
“We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves, it is simply a vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it,” Leao said.
Santander has already made significant progress with crypto in Latin America this year. Partnering with Agrotoken, an Argentina-based agricultural commodities tokenization platform, it introduced loans in Argentina in March for farmers backed with tokenized commodities.
Several non-crypto financial companies have started operating crypto ventures in Brazil recently. The Brazilian fintech PicPay announced its plans in July to launch a crypto exchange and a Brazilian real-tied stablecoin in 2022. While in December, Mercado Libre, Latin America’s largest e-commerce company by market value, started allowing users in Brazil to trade in cryptocurrencies.
Just one month after launching in June, Nubank, the largest Brazilian digital bank by market value, announced it has reached one million users on its crypto trading platform on Tuesday.