Bank Santander to Offer Crypto Trading to Brazil

Bank-Santander-to-Offer-Crypto-Trading-to-Brazil
  • Santander is one of the largest banks in the world.
  • Santander has been at the forefront of blockchain and crypto adoption.
  • Brazil’s central bank is preparing to launch its own digital currency, the Brazilian Real (BRL).

Spanish banking multinational Santander plans to offer crypto trading to its clients in Brazil in the coming months, Santander Brazil CEO Mario Leao said on Thursday. The move would make Santander the first major bank to offer such services in Brazil. Leao said that the bank is “studying” the possibility of offering crypto trading to its clients, but did not give a timeline for when the service might be launched.

Santander has been at the forefront of blockchain and crypto adoption among major banks. Last year, the bank launched the world’s first blockchain-based bond, worth $20 million. The bond was issued on a public Ethereum blockchain and settled using the bank’s in-house cryptocurrency, Santander Digital Cash (SDC).

The bank has also been testing other blockchain applications, such as a cross-border payments platform built on the Ripple network.

Santander’s move into crypto comes as Brazil’s central bank is preparing to launch its own digital currency, the Brazilian Real (BRL). The BRL will be created on a blockchain platform developed by the Brazilian government and will be backed by the country’s reserves of gold and foreign currencies.

The launch of the BRL is part of a wider effort by the Brazilian government to reduce the country’s dependence on the US dollar. Earlier this year, the Brazilian Senate passed a law that will allow businesses to settle contracts in any currency, including crypto.

Brazil is not the only country where Santander plans to offer crypto trading. The bank is also reportedly considering launching the service in the UK and Spain. Santander has not yet made a final decision on whether to launch the service in those countries.

In 2021, just under 5,000 Spanish companies sent over €4 billion to Brazil, up 14 percent when compared to the previous year, according to the Spanish ministry of industry, trade, and tourism. One Trade will support international payments to all Brazilian local and digital banks, including those which do not support international payments.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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