Santander Will Offer Cryptocurrency Services in Brazil in the Coming Months – Bitcoin News

Santander, one of the world’s largest banking institutions, has announced that it will start offering cryptocurrency services in Brazil. CEO Mario Liao announced in an interview with local media that the company is still looking for the best way to enter the cryptocurrency services market. Banks and other financial technology institutions are already providing crypto services in the country.

Santander begins offering crypto services in Brazil

Santander, one of the world’s largest financial institutions, serving more than 153 million clients, has announced plans to start offering crypto-based services to clients in Brazil. The announcement was made in an interview given by Santander CEO in the country, Mario Liao, who advertiser These new services may be introduced in the coming months.

Liao said:

We expect in the next few months to have definitions about it, who knows in the next release of quarterly results, or even sooner.

Leão further realized that the cryptocurrency market was “it is here to stay,” and that the move was more than just a reaction to other competitors who had entered the crypto market earlier. He explained that this was a move prompted by the company’s users in the country and that Santander was studying the best way to enter the crypto services market.

Crypto offerings are booming in Brazil

While the company is still working on a comprehensive and clear legal framework for the asset class, many banks and fintech companies are considering offering crypto-related services due to the demand for these investment products by their clients. One such institution is Itau Unibanco, one of the largest banks in Brazil, which reported that it was considering introducing such products earlier this month.

In the same way, Picpay, a popular wallet and payments company, has announced that it will introduce crypto into its list of services. The company also made it clear that it has plans to launch a stablecoin linked to the value of the local fiat currency, the Brazilian real, later this year.

Nubank, another Brazil-based financial company, brought this type of cryptocurrency trading and custody service to its platform in May. Even Visa is now working with traditional banks to integrate crypto services directly into banking apps, according to data made by Eduardo Abreu, Visa’s vice president of new business in Brazil in September last year.

What do you think of Santander’s plans to offer crypto services in Brazil? Tell us in the comments section below.

Sergio Goshchenko

Sergio is a crypto journalist based in Venezuela. Describing himself as a latecomer, he got into the crypto world when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto-currency boom on a social level, he offers a different perspective on the success of crypto and how it helps the people who They do not deal with banks and the underprivileged.

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