Brazil's Banking Giant Santander Brasil to Roll Out Crypto-Related Services

Santander Brasil, the third biggest private bank in Brazil, has recently announced that it would be rolling out crypto-related services in Brazil in the next few months.

According to the official announcement issued on July 28th, the bank is planning to announce more news regarding the initiative in its next earnings release which is scheduled for October 2022.

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Mario Leao, CEO of Santander Brasil, recently shed some light on the company’s plans and noted that the reason why they would be launching such a feature is that there is a significant demand “for this type of asset.” He added:

"We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves"

Nonetheless, Leao emphasized that the organization would need some time to prepare as it is shifting to a completely different field, mentioning that “the most correct and most educational way to do it” must be found.

It seems as though non-crypto companies are setting their foot into the digital world more and more. For instance, earlier in July, PicPay, a Brazil-based financial technology company, announced that it would be firing up a crypto exchange, as well as its own native stablecoin BRC.

Likewise, back in May, Nubank rolled out a new feature, allowing its customers to buy and sell cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). On Tuesday, the bank also stated that its crypto trading platform reached 1 million users.

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