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Brazilian Banking Firm Santander to Launch Crypto Trading Feature

Multinational Spanish banking company Santander is considering to offer crypto trading services to its Brazil-based customers in the coming months, according to CEO Mario Leao.

According to reports in Folha de S. Paulo newspaper, Santander plans to launch services related to crypto and could provide more news about the initiative in the company’s next earnings release in the mid of October.

This year, Santander has already entered the Latin American crypto scene by launching loans for Argentinian farmers collateralized with tokenised assets. This move was carried out in partnership with Agrotoken, an agricultural commodities tokenisation platform based in Argentina.

Lately, there were announcements or establishments of crypto-related operations from several non-crypto financial companies in Brazil. 

PicPay, a Brazilian fintech company, disclosed its plans to launch a crypto exchange and a Brazilian real-tied stablecoin. Latin America’s largest e-commerce by market value company Mercado Libre started enabling users in Brazil for cryptocurrency tradings in December.

The largest Brazilian bank by market value Nubank made a statement on Tuesday that, just a month after its launch in June, its crypto trading platform has reached one million users.

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