Santander Bank prepares to offer crypto trading to Brazilians

Banco Santander S.A., the Brazilian subsidiary of the Spanish Santander Group, intends to initiate offering crypto trading, possibly already this year.

santander-bank-brazil-crypto-trading

CEO of Santander Brazil Mario Leão, mentions that the bank plans to begin offering crypto-related services to its Brazilian customers in the coming months.

The CEO is cited as saying that the bank expects to have “definitions about it” in the next few months, during the next quarterly results release, or “even before,” saying:

“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 view that our client has demanded this type of assets, so we have to find the most correct and more educational way of doing so.”

The Latin American banking goliath Itaú informed the launch of its own asset tokenization platform, Itaú Digital Assets, on July 14, while last May, XP, and Nubank had revealed their crypto offerings as well.

Similar: Japan SMBC Bank Group prepares for Web3

Nubank had expressed that it was set to invest 1% of its portfolio in bitcoin (BTC) and would begin rolling out procedures that allow its app users to purchase, sell, and hold BTC and Ethereum (ETH).

That’s not all, crypto has been spreading throughout the province for a while now. For example, in January this year, Argentine-headquartered e-commerce giant Mercado Libre funded Mercado Bitcoin and Paxos (PAX) as it aspires to boost its presence in the crypto-world, as well as digital asset growth and adoption in Latin America.

As per reports, on Thursday, Banco Santander Brasil SA beat second-quarter net income market expectations, as its net profit climbed 2% from the prior quarter to BRL 4.08bn (USD 787m).

That being said, loan-loss provisions i.e. an indicator of how much cash the bank has set aside to cover loans that are doubtful to be fully repaid. Rose against the “challenging” macroeconomic environment and hit BRL 5.75bn (USD 1.1bn), up 24.6% on the quarter.


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