The Brazilian subsidiary of the Spanish Santander Group, Banco Santander is all set to offer crypto trading services in Brazil.
Mario Leao, CEO of Santander Brasil, stated that the services will roll out in the upcoming months.
The services will be available for retail investors, which is different from other banks providing crypto trading to institutional or professional investors.
Mario Leao, commented, “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 vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it.”
Many banks have begun to offer crypto trading services in Brazil such as Nubank and Itaú Digital Assets, which could spur adoption.
Santander’s Brazilian subsidiary is also mulling the use of blockchain technology in the wake to tokenize traditional market assets, for example, debt securities issued by companies, with the goal of making these assets accessible to a wider audience.