THE BRAZILIAN BANK STATED THAT IT WILL PROVIDE CRYPTO TRADING SERVICES IN THE COUNTRY!

Banco Santander, the Brazilian subsidiary of Spain’s largest commercial bank, has stated that it will provide cryptocurrency trading services in Brazil. In an interview on July 28, Santander Brasil CEO Mario Leao noted that the bank would launch the service in the following months. Unlike other banks, which have only offered crypto trading to institutional or professional investors, the service will also be available to retail investors. Nevertheless, Leao felt confident in his decision to provide the service, claiming that the market was here to stay.

“We anticipate having definitions about it in the next several months, who knows in the next release [of quarterly results], or perhaps before that.”
We know that the market is here to stay. It is not necessarily a reaction to competitors positioning themselves; instead, it is just a belief that our client desires this type of asset. Therefore, we must find the most appropriate educational meeting we want.”

Santander has already shown interest in blockchain and the bitcoin market.
It announced the introduction of blockchain-based exchange-traded funds (ETFs). Also, it managed the Santander X Global Challenge, which searches for creative business owners.
In 2019, a $20 million transaction was made using Ethereum.
In the upcoming weeks, Santander Brazil may divulge more details regarding its cryptocurrency trading services.
Several other colleges are doing the same in the meanwhile.

In the meantime, Brazil has seen a lot of crypto-related activity.
The biggest bank in the nation, Nubank, now permits users to exchange bitcoin and Ethereum.
The Brazilian Senate has also approved crypto regulatory legislation, opening the door for upcoming innovation.