Banking Giant Santander to Offer Crypto Trading Services to Brazilians

July 31, 2022

Reading Time: 2 minutes

Having realized that crypto has come to stay, more financial firms are now looking to utilize every opportunity crypto has to offer for maximum client satisfaction.

According to a report by Folha de S. Paulo, citing someone with the knowledge of the matter, the CEO of Santander Brazil Mario Leão,  the Brazilian subsidiary of the Spanish Santander Group, Banco Santander S.A., has joined the list of financial institutions to offer crypto trading services, a service that is likely to commence before the end of this year.

The cited CEO explained that the bank expects to have “definitions about it” in the coming months, before or during the next quarterly results release, he added that;

“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 view that our client has demanded this type of asset, so we have to find the most correct and more educational way of doing so.”

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Finance Firms Offering Crypto-Related Services in Latam Region

Itaú, the Latin American banking giant, announced the launch of its own asset tokenization platform, Itaú Digital Assets, on July 14, while in May, XP and Nubank had announced their crypto offerings as well.

Nubank bank in May announced its intent to invest 1% of its portfolio in Bitcoin, the bank also said it would commence services that will let users sell, buy and hold Ethereum and Bitcoin.

In January, Argentine-headquartered e-commerce giant Mercado Libre in its quest to boost its presence in the crypto space, invested in Mercado Bitcoin and Paxos (PAX).

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