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Banco Santander reveals plans to offer cryptocurrency trading

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The CEO of Santander in Brazil, Mário Leão, revealed on Thursday (28) his plans to offer cryptocurrency trading to the bank’s customers.

According to statements by the CEO to Folha, Santander will be ready to offer services related to the crypto market in the coming months, but he did not specify dates.

“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 a demand for this type of asset, so we have to find the most correct and more educational way of doing it.”, said Leão.

Although the executive says that the bank’s move – which is one of the four largest in Brazil – is not a direct response to competitors, several other banks are launching similar products.

Fintech Nubank was, in a way, a pioneer by not only offering bitcoin (BTC) and ethereum (ETH) to customers, but also by integrating BTC into the company’s balance sheet. In just 3 weeks, roxinho claimed that more than 1 million customers chose to buy some amount of crypto on the platform.

Also read: Nubank invests 1% of its cash in Bitcoin and offers crypto to customers

Scheduled for August, XP is yet another giant in the traditional market that is launching its own cryptocurrency exchange. Called XTAGE, it will also start with bitcoin and ether and should continue the work XP left behind by closing XDEX.

And, announced in September of last year, it is about to launch Mynt, the cryptocurrency exchange of BTG Pactual, which will offer several cryptoassets on the platform.

It is worth noting that this is not the first time that Santander has turned its eyes to the cryptocurrency market, whose CEO recognizes that it “is here to stay”. In fact, the Spanish bank has literally been “eyeing” bitcoin since joining Elliptic in June last year. The blockchain analysis company, similar to Chainalysis, served the bank to better control the degree of risk of customers involved in the cryptocurrency market.

Santander has also experimented with blockchain technology when it launched loans backed by “agrotokens” in March this year. The bank’s Argentinian branch has partnered with Agrotoken to launch tokenized soy, corn and wheat to facilitate financing in the agribusiness sector.

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