Santander Will Roll Out Crypto Trading Services In Brazil: Report

Santander will roll out crypto trading services in Brazil and will offer crypto trading to the clients as well so let’s read more today in our latest cryptocurrency news.

Banco Santander as the Brazilian subsidiary of the Spanish Santander Group is eyeing a launch of crypto trading for its clients accoridng to the local publication Folha de S. Paulo. Speaking to Journalists, Santander Brazil CEO Mario Leao said that the bank hopes to share more information on the matter in the next few months during the publication of the next quarterly results:

“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.”

According to the report, Santander’s Brazilian subsidiary will use blockchain technology and will tokenize the traditional market assets like debt securities issued by companies and the goal of making these assets accessible to a bigger audience. Santander will roll out crypto trading services and the announcement came after the largest bank in the country Nubank, started offering BTC and eTH trading to the users. Nubanks said that in just two months it acquired 1 million users on the trading paltform.

This is a sign showing strong belief in the cryptocurrency so Nubank also decided to allocate about 1% of the cash on the balance sheet to BTC. Another major financial player in Brazil is the Itau banking giant which announced the launch of its own asset tokenization platform. For Santander, this is not the first foray into the world of crypto and blockcahin technology. The bank rolled out One Pay FX as a digital banking app powered by Ripple in 2018 which made it available for retail customers in Poland, Spain, and the UK. In 2019, Santander announced the launch of a $20 million blockchain bond running on the Ethereum blockchain and successfully conducted the work.

As recently reported, The Spanish banking giant Santander launched loans backed by tokenized corn and wheat after partnering with Agrotoken to provide the token-backed lending service. Agrotoken is an Argentina-based agricultural commodities platform and it Is the first global infrastructure for the tokenization of the agro community. The partnership will allow farmers to take out loans that are backed by the Agrotoken commodity tokens and some of these include Corn, Soybeans, and Wheat.