Several banks and international organizations are exploring options for providing crypto services to consumers. In a recent development, Spanish banking giant, Santander has revealed plans of offering crypto trading services to its clients in Brazil. These services are expected to be launched in the coming months.
The Chief Executive Officer of Santander Brazil, Mario Leao made an announcement about this on Thursday. Moreover, Santander is expected to announce further information about the project in the upcoming earnings announcement. Nonetheless, the increasing demand for cryptocurrencies and digital assets in Brazil has led to this decision by the organization.
Earlier this year, Santander made a partnership with AgroToken to provide loans for Argentinian farmers. These loans were collateralized with tokenized commodities. Along with Argentina, the rest of Latin America is also riding high on the crypto fever. In Brazil, there are many firms that have launched operations in the crypto arena.
Santander Aims to Offer Crypto Services All Over Brazil
The CEO of Santander 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.”
It is becoming essential for the bank to cater to the extensive crypto community of the region. Other competitors have actively pursued their crypto-related campaigns. These include several non-crypto companies. Moreover, the e-commerce platform, Mercado Libre also started allowing consumers to use cryptocurrencies. They could buy, sell, and hold crypto through the platform.
On the other hand, the largest digital Brazilian Bank, Nubank has recently announced that it has hit 1 million members on its crypto trading platform. This shows the increasing demand for digital assets in the region. Nonetheless, Santander has also launched Santander X Global Challenge – Blockchain and Beyond. The platform was aimed at supporting spirited startups in blockchain technology.
In addition to this, Santander has recently defended the pro-democracy manifesto and Febraban’s position. Febraban is the Brazilian Federation of Banks. Therefore, the banking giant’s support means that it is looking forward to working with Febraban in the longer run. The bank is taking an increased interest in the issues of Febraban. It is yet to be seen how the plan of Santander folds out in the future. However, it is evident that the bank is continuing to pursue its crypto goals, as it eyes it as a potentially growing sector.