Santander Bank To Offer Brazilians Cryptocurrency Trading

The Brazilian branch of Bank Santander will open the possibility of digital trading assets for clients “in the coming months.” This was stated in an interview with Folha de S. Paulo by its CEO Mario Liav.

The top manager promised to provide additional details after the publication of the following quarterly report or earlier.

“The [cryptocurrency] market will stay here forever. This is not necessarily a reaction to the steps of competitors. […] Our client demanded this type of asset, so we have to find the most correct way […] to do it ,” he explained.

On July 14, the largest bank in the country, Itau Unibanco Holding, did not rule out the possibility of buying/selling digital assets for retail clients in the future. In the first phase, the institution will offer tokenization services for companies.

Earlier, Brazil’s largest neobank, Nubank, announced a partnership with Paxos. Thanks to the cooperation, 50 million of his clients gained cryptocurrency access.

In August 2021, the head of the Bank of Brazil, Roberto Campos Neto, spoke in favor of creating a regulatory framework for the industry.

The country became the second in the world to register a bitcoin ETF.

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