Santander is one of the largest banks in the world and has now announced that it will offer cryptocurrency services to 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. There are also other banks and fintech companies that offer crypto services.
Santander to Start Offering Crypto Services in Brazil
Santander, one the most important financial institutions on the planet, which has more than 53 million clients, announced its plans to offer crypto-based services to Brazilian customers. 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:
It is something we expect to be able to define in the coming months, perhaps in the next quarterly results release, or possibly even earlier.
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. Itau Unibanco is one of Brazil’s largest banks and reported that they were considering the possibility of offering such products.
Picpay, which is a well-known fintech wallet, and payments provider announced the addition of crypto to their services. It also stated that it plans to introduce a stablecoin that is tied to the Brazilian real (the native fiat currency) later in the year.
Nubank, another Brazilian-based financial firm, introduced crypto trading and a custody service in its platform last 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? Leave a comment below.
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