Santander to Launch its Crypto Trading Services in Brazil

The Brazilian subsidiary of the Spanish Santander Group, Banco Santander, is looking at launching crypto trading for its clients.

According to Santander Brazil CEO Mario Leão, the bank hopes to share more information on the matter in the next few months.

Banco Santander is also mulling the use of blockchain technology to tokenize traditional market assets, such as debt securities issued by companies.

Brazil’s largest bank, Nubank, had made a similar move. Nubank began offering Bitcoin and Ethereum trading to users in May.

Earlier this week, Nubank said that in just two months it has acquired 1 million users on its crypto trading platform.

Santander had rolled out One Pay FX, a digital banking app powered by Ripple for cross-border payments, in 2018, making it available to retail customers in the UK, Spain, Poland, and Brazil, with more important updates added the following year.

In 2019, Santander announced the launch of a $20 million blockchain bond running on the public Ethereum blockchain, successfully concluding the work that began at the bank’s own blockchain lab back in 2016.