Santander, one of the largest banking institutions in the world, has announced that it will offer cryptocurrency services in Brazil. The CEO, Mario Leão, made the announcement in an interview with local media, stating that the company was still looking for the best way to enter the cryptocurrency services market. Other banks and fintech organizations are already offering crypto services in the country.
Santander to offer crypto services in Brazil
Santander, one of the largest financial institutions in the world, serving more than 153 million customers, has announced plans to offer cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by the country’s CEO of Santander, Mario Leão, who said these new services could be introduced in the coming months.
We expect to have definitions on this topic in the coming months, who knows in the next quarterly results release, or even sooner.
Leão further acknowledged that the cryptocurrency market is “here to stay” and that this move was more than just a response to other competitors entering the crypto market before. He explained that this was a decision driven by the demand from the company’s users in the country and that Santander is studying the best way to enter the crypto services market.
Crypto Supply Thrives 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 considered introducing such products earlier this month.
Similarly, Picpay, a popular fintech wallet and payments company, is announcing that it would be introducing crypto to its list of services. The company also explained that it plans to launch a stablecoin later this year that will be pegged to the value of the original fiat currency, the Brazilian real.
Nubank, another Brazil-based financial company, introduced this type of crypto trading and custody service on its platform in May. Even Visa is now partnering 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 businesses in Brazil.
What do you think of Santander’s plans to offer crypto services in Brazil? Tell us in the comments below.
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