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Santander wrote that blockchain is disrupting industries worldwide from finance and retail to medicine and the environment.
To stay relevant with emerging trends, the Spanish multinational financial services firm Santander has announced the offering of crypto trading to its clients in Brazil. Santander Brasil CEO Mario Leao confirmed the plans to launch crypto trading on Thursday and as per a newspaper report, the company could give more details on the initiative in their subsequent earnings release. A favorable trend is emerging with respect to more and more fintech industries taking interest in crypto and trying to integrate it with the mainstream.
Why Is the Multinational Firm Focusing on Crypto?
Leao stressed the growing demand for crypto among investors and clients and stated the initiative as purely the most conducive way to address the demands of their clients. Leao also considers it the ideal and most educational way for crypto integration. This won’t be the first time the banking giant is making inroads into the crypto world. Its first tryst with blockchain technology was observed when the bank launched loans in Argentina against collateral that could take the shape of tokenized commodities. As part of the initiative, the bank entered into a partnership with Agrotoken, a platform that helps tokenize agricultural commodities. In one of the blog posts, Santander also agreed that blockchain is disrupting industries worldwide from finance and retail to medicine and the environment.
Another major reason for the bank’s growing interest in crypto is how lucrative Brazil is becoming for crypto-based firms. More and more firms are entering the country’s financial ecosystem with the latest being the country’s largest private bank launching an asset tokenization platform. The bank also hinted at the possibility of offering crypto trading services in the future. Similarly, a crypto exchange and a real-tied stablecoin are all set to be launched by PicPay, a Brazilian fintech. In another crypto welcoming event, Latin America’s biggest e-commerce firm Mercado Libre permitted its Brazil users to use cryptocurrencies for buying, selling and holding. In a demonstration of the crypto power, Nubank announced touching a new milestone of one million users on its crypto trading platform. It should be noted that the Brazilian digital bank achieved this landmark achievement after just one month of launch.
About Santander Group
The Santander Group is a Madrid and Santander-based multinational financial services firm that operates across North and South America in addition to continental Asia as well as Europe. As per 2021 statistics, it is the 4th largest bank in Europe and the 16th largest one in the world.
Santander Brasil, on the other hand, is the Brazilian subsidiary of the parent company and is headquartered in Sao Paulo, Brazil. It is in operation in the country since 1982 and is the 3rd largest private bank in Brazil by virtue of assets. The bank primarily conducts its operations through two major divisions namely the commercial stricture that caters to individuals, and small and medium-sized companies as well as retail activities and the wholesale structure that aims at large companies and capital market operations. Having an upward of 9 million customers, Santander Brasil operates through a network of 3696 branches and service centres and 18,312 ATMs.