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According to Santander Brazil CEO Mario Leao on Thursday, Spanish banking giant Santander intends to start offering cryptocurrency trading to its clients in Brazil in the upcoming months. As stated by the Folha de S. Paulo newspaper, the bank intends to introduce cryptocurrency-related services. It may share more information about the project in the business' upcoming results announcement, which is scheduled for mid-October. Leao said,
"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,"
Santander Partners With Agrotoken
In Latin America this year, Santander has already made strides with cryptocurrency. Through a partnership with Agrotoken, an agricultural commodities tokenization platform collateralized with tokenized commodities, the company introduced loans for farmers in Argentina in March. Recently, some non-crypto financial firms in Brazil launched their operations in cryptocurrency. Brazilian fintech PicPay announced in July that it would start a cryptocurrency exchange and a stablecoin backed by Brazilian real estate in 2022. In contrast, Mercado Libre, Latin America's largest e-commerce company by market value, began enabling users in Brazil to buy, sell, and hold cryptocurrencies in December. After only one month of operation, Nubank, the most prominent digital bank in Brazil by market value, said on Tuesday that it has one million members on its cryptocurrency trading platform.