Santander to Offer Cryptocurrency Services in Brazil in the Coming Months – Bitcoin News – Bitcoin News
by Sergio Goschenko
Santander, one of the biggest banking institutions in the world, has announced it will start offering cryptocurrency services in Brazil. Its CEO, Mario Leão, made the announcement in an interview with local media, stating that the company was still seeking the best way of getting into the cryptocurrency services market. Other banks and fintech organizations are already offering crypto services in the country.
Santander, one of the biggest financial institutions in the world, serving more than 153 million customers, has announced plans to start offering cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by Santander’s CEO in the country, Mario Leão, who stated that these new services might be introduced in the coming months.
We expect in the next few months to have definitions about it, who knows in the next release of quarterly results, or even before.
Leão further recognized that the cryptocurrency market was “here to stay,” and that this move was more than just a reaction to other competitors entering the crypto market earlier. He explained that this was a move driven by the demand of the company’s users in the country and that Santander was studying the best way of getting into the crypto services market.
While the company is still working on a comprehensive and clear law framework for the asset class, many banks and fintech companies are considering offering cryptocurrency-related services due to the demand of their customers for these investment products. One of these institutions is Itau Unibanco, one of the largest banks in Brazil, which reported it was mulling the introduction of such products earlier this month.
In the same way, Picpay, a popular fintech wallet and payments company, announced it would introduce crypto in its services list. The company also explained it had plans to launch a stablecoin pegged to the value of the native fiat currency, the Brazilian real, later this year.
Nubank, another Brazil-based financial company, brought this kind of crypto trading and custody service into its platform in May. Even Visa is now working with traditional banks to integrate crypto services directly into banking applications, according to statements given in September last year by Eduardo Abreu, Visa’s vice president of new business in Brazil.
What do you think about Santander’s plans of offering crypto services in Brazil? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Electric Egg / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.