Santander will offer cryptocurrency services in Brazil in the coming months cryptocurrency

Santander, one of the largest banking institutions in the world, has announced that it will begin offering cryptocurrency services in Brazil. Its CEO, Mario Leão, announced in an interview with local media that the company was still looking for the best way to enter the cryptocurrency services market. Other banks and fintech organizations already offer crypto services in the country.

Santander to start offering crypto services in Brazil

Advertising

Santander, one of the largest financial institutions in the world serving more than 153 million customers, has announced plans to begin offering cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by the managing director of Santander in the country, Mario Leão, who said that these new services could be introduced in the coming months.

Advertising

Leo said:

We expect in the next few months to have definitions on this topic, who knows in the next quarterly earnings release, or even sooner.

Leão further acknowledged that the cryptocurrency market is “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 decision driven by demand from the company’s users in the country and that Santander was studying the best way to enter the crypto services market.

Crypto offerings are thriving in Brazil

While the company is still working on a comprehensive and clear legal framework for the asset class, many banks and fintech companies are considering offering cryptocurrency-related services due to customer demand for these investment products. One such institution is Itau Unibanco, one of Brazil’s largest banks, which said it was considering introducing such products earlier this month.

Similarly, Picpay, a popular fintech wallet and payment company, announces that it will introduce crypto to its list of services. The company also explained that it plans to launch a stablecoin pegged to the value of the original fiat currency, the Brazilian real, later this year.

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

What do you think of Santander’s plans to offer crypto services in Brazil? Let us know in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, having entered the cryptosphere when the price spike happened in December 2017. With a background in computer engineering, living in Venezuela and influenced by the cryptocurrency boom socially, it offers a different point of view. about the success of crypto and how it helps the unbanked and underserved.

image credit: Shutterstock, Pixabay, Wiki Commons, Electric Egg / Shutterstock.com

Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses that are aggravated or likely to be aggravated by or in connection with the use of or reliance on content, goods or services mentioned in this article.

Leave a Comment