Santander Brasil Eyes Crypto Service Debut in The Coming Months
- In the coming months, users of Santander Brazil will have exclusive access to buy and sell crypto assets, and also engage in crypto-related services.
Spanish banking multinational Santander has joined the trail of financial institutions seeking to venture into the cryptocurrency sector as the bank unveils plans to launch crypto trading features.
In the coming months, users of Santander Brazil will have exclusive access to buy and sell crypto assets, and also engage in crypto-related services. The information was disclosed by Santander Brazil CEO, Mario Leao on Thursday.
According to a report from a local media outlet, the bank revealed its plans to debut crypto-related services, while noting that further information about its proposed development will be made known to the public in the company’s next earnings release.
The company’s decision to enter into the crypto space is triggered by its belief that the crypto market has gained an impressive foothold in the world of finance and it believes it is here to stay. Furthermore, the company noted that it was a measure to rightly satisfy their customers’ demand in an educative way as its users have been seeking this type of asset.
Speaking on the proposed crypto launch and the inspiration behind it, CEO Mario Leao said;
“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 vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it.”
Santadar Joins Other Brazil Firms Adopting Crypto Mrker
It appears that Santander Brazil is not the only Brazilian company to consider the thought of proposing a crypto service launch for its customers. According to recent reports, a number of non-crypto financial companies have announced similar plans to venture into the cryptocurrency industry. Meanwhile, others have recently begun to operate crypto ventures in Brazil.
A few weeks ago, PicPay, a Brazilian fintech company disclosed that it is planning to launch a cryptocurrency exchange and a Brazilian real-tied stablecoin later this year. In addition to these, reports revealed that Mercado Libre, Latin America’s largest e-commerce company by market value, launched cryptocurrency trading services last year. As such, users of Mercado Libre now enjoy the opportunity to buy, sell and hold cryptocurrencies via the company.
Furthermore, the largest Brazilian digital bank by market value, Nubank, has disclosed its crypto success in just one month of launch. The bank announced that it has reached one million users on its crypto trading platform after it launched crypto services in June. Hence, it can be deduced that the adoption of cryptocurrency in Brazil is at a surging pace.
Side Notes
Reportedly, the worst of the crypto bear market may be behind according to analysts. Consequently, bad actors in the crypto market have been flashed out. Institutional investors particularly in the banking sector are now coming in to support potential DeFi projects.
Additionally, he stablecoins and lending market have recorded a sharp uptick in institutional investors.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
