Santander to Offer Cryptocurrency Services in Brazil in the Coming Months

Santander

Santander, one of the biggest banking institutions in the world, has announced it will start offering cryptocurrency services in Brazil. Its CEO, Mario Leão, made the announcement in an interview with local media, stating that the company was still seeking the best way of getting into the cryptocurrency services market. Other banks and fintech organizations are already offering crypto services in the country.

Santander to Start Offering Crypto Services in Brazil

Santander, one of the biggest financial institutions in the world, serving more than 153 million customers, has announced plans to start offering cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by Santander’s CEO in the country, Mario Leão, who stated that these new services might be introduced in the coming months.

Leão stated:

We expect in the next few months to have definitions about it, who knows in the next release of quarterly results, or even before.

Leão further recognized that the cryptocurrency market was “here to stay,” and that this move was more than just a reaction to other competitors entering the crypto market earlier. He explained that this was a move driven by the demand of the company’s users in the country and that Santander was studying the best way of getting into the crypto services market.

Crypto Offerings Thriving in Brazil

While the company is still working on a comprehensive and clear law framework for the asset class, many banks and fintech companies are considering offering cryptocurrency-related services due to the demand of their customers for these investment products. One of these institutions is Itau Unibanco, one of the largest banks in Brazil, which reported it was mulling the introduction of such products earlier this month.

In the same way, Picpay, a popular fintech wallet and payments company, announced it would introduce crypto in its services list. The company also explained it had plans to launch a stablecoin pegged to the value of the native fiat currency, the Brazilian real, later this year.

Nubank, another Brazil-based financial company, brought this kind of crypto trading and custody service into its platform in May. Even Visa is now working with traditional banks to integrate crypto services directly into banking applications, according to statements given in September last year by Eduardo Abreu, Visa’s vice president of new business in Brazil.

What do you think about Santander’s plans of offering crypto services in Brazil? Tell us in the comments section below.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Breaking: Bitcoin (BTC) Price Risks Falling Below $21,000, Here’s Why

The Bitcoin (BTC) price can fall below $21,000 as the bear hug tightens. The price recently touched a high of $25,135 and retraced to a low of $23,243. The downward price trend has formed a regular bearish divergence with a short-term target of falling to $21,000-$20,000. The Crypto Market Fear and Greed Index has tumbled

BTC, ETH, DOGE: Why Major Cryptos Are Trading In Red Today?

Today’s slump in the price of crypto giants including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) has left investors disappointed. At the press time, BTC was trading at $23,379.13, down by 4.05% over the last 24 hours. Meanwhile, the price of ETH and DOGE was spotted trading at $1,845.20 and $0.082021, a decline of 5.11%

Ether (ETH) Falls for Fourth Consecutive Day, Is Merge Mania Ending?

After a strong rally in the last 45 days since the beginning of July 2022, the crypto market has once again come under selling pressure. The broader crypto market has been retreating for the fourth consecutive day in a row, including the top two giants Bitcoin and Ethereum. As of press time, Ether (ETH) is

Fidelity Chief Explains Why Bitcoin (BTC) Is Cheap At Current Level

Over the last 45 days since July 2022 beginning, Bitcoin and the broader cryptocurrency market have given a strong run-up. As of now, Bitcoin is currently facing resistance at $24,000. Jurrien Timmer, Director of Global Macro at Fidelity believes that Bitcoin is currently “cheap” as per the BTC adoption curve thesis. Timmer explains that Bitcoin’s