Banco Santander set to launch crypto trading in Brazil

abdelaziz Fathi

Santander Brazil, the Brazilian subsidiary of Spanish banking giant Banco Santander, plans to launch a crypto trading service in the coming months.

Profit of Banco Santander

Per local media publication Folha de S. Paulo, Santander Brazil CEO Mario Leão said that the firm is currently building the infrastructure to make crypto market access available to institutional and individual customers.

However, Leão didn’t go into great detail about how the product will work, and it’s unclear whether Santander will enter into a partnership or offer crypto products directly. He only indicated that the timing for the product’s launch was rather short.

“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,” said Leão.

The CEO added the retail crypto market is already very large in Brazil, evidenced by the fact that crypto traders double the number of stock investors, based on a recent survey conducted by local media.

The news comes shortly after Brazil’s largest brokerage firm XP Inc (XP.O) said it expects to open its crypto trading platform, dubbed ‘XTAGE’, by mid-August. The platform was developed in partnership with Nasdaq and BitGo and crypto features will be integrated into the XP app. The new capability will allow XP’s 3.6 million users to make trades while staying on the platform. XTAGE is built on Nasdaq’s trading technology while BitGo will act as a custodian.

Nubank, the largest Brazilian digital bank, also revealed yesterday that it reached the mark of 1 million active users making low-cost cryptocurrency transactions, just two months after launching the service.

Nubank, which is owned by Bitcoin critic Warren Buffet, has partnered with the New York-based exchange and stablecoin issuer for an exclusive in-app crypto trading experience. In particular, the US-listed broker’s customers are now able to buy, hold and sell a handful of crypto assets — Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In a different vein, Binance cut ties with its existing payments partner in Brazil due to conflict with “its own values.” The crypto giant is already in the process of replacing Capitual with a local payment provider that will be revealed soon to give a better solution for customers. The transition is expected to complete in the coming weeks. Binance suspended deposits and withdrawals in Brazilian reals through the government’s payment system Pix in June.

 

Read this next

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

<