Santander Brazil, the Brazilian subsidiary of Spanish banking giant Banco Santander, plans to launch a crypto trading service in the coming months.
By publication in local media Folha de S. PauloSantander Brazil CEO Mario Leão said the company is currently building the infrastructure to make access to the crypto market accessible to institutional and individual clients.
However, Leão did not go into detail about how the product will work, and it is unclear whether Santander will enter into a partnership or offer crypto products directly. He only mentioned that the timing of the product launch was rather short.
“We recognize this is a market that’s here to stay, and it’s not necessarily a reaction to competitor positioning; it’s just a vision that our client has a demand for this type of asset, so we have to find the most correct and educational way to do it,” said Leão.
The CEO added that the crypto retail market is already very large in Brazil, as evidenced by crypto traders doubling the number of equity investors, based on a recent media survey. local.
The news comes shortly after Brazil’s largest broker XP Inc (XP.O) said it plans 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 capacity will allow XP’s 3.6 million users to transact while remaining on the platform. XTAGE is built on Nasdaq trading technology while BitGo will act as the custodian.
Nubank, Brazil’s largest digital bank, also revealed yesterday that it had reached the milestone of one million active users performing low-cost cryptocurrency transactions, just two months after the service launched.
Nubank, owned by Bitcoin critic Warren Buffet, has partnered with the New York-based stablecoin exchange and issuer for an exclusive in-app crypto trading experience. In particular, the US-listed broker’s clients are now able to buy, hold and sell a handful of crypto assets – Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
On another note, Binance severed ties with its existing payment partner in Brazil due to a conflict with “its own values”. The crypto giant is already replacing Capital with a soon-to-be-revealed local payment provider to provide a better solution for customers. The transition should be completed in the coming weeks. Binance suspended deposits and withdrawals in Brazilian reals through the Pix government payment system in June.