- Santander Brazil will start offering services for bitcoin and other cryptocurrencies in the coming months.
- The CEO said the bank will release more details on or before its next quarterly earnings report.
- The bank’s review of these new services is not directly influenced by competitor interest in the space, the CEO said.
Santander Brazil, the country’s third-largest private bank, is preparing to launch services for bitcoin and other cryptocurrencies, its CEO Mario Leao said, according to a local newspaper report. Folha de S. Paulo.
“We hope to have definitions on this in the next few months, who knows in the next version [of quarterly results]or even before,” Leao said.
“We recognize this is a market that is here to stay,” Leao continued, adding that the bank’s jump on the cryptocurrency bandwagon isn’t necessarily a reaction to competitors. but rather a response to customer demand.
Recently, Brazil’s largest digital bank, Nubank, which is backed by Warren Buffett’s Berkshire Hathaway, bought bitcoins and added bitcoin trading to their mobile appallowing 53 million Brazilians to easily buy BTC. XPthe largest investment broker in Brazil, and Itau Unibanco, the country’s largest private bank, also announced the imminent offer of similar services to customers. Investment banking giant BTG Pactual is also dip his toes in the market.
Brazil has seen an increased level of adoption for bitcoin and other cryptocurrencies. Last year, Chainalysis, an on-chain analytics company, released a report detailing the top 20 countries in the world based on different metrics to measure adoption. Brazil ranked 14th on the list for overall adoption while ranking fifth for total value of on-chain transactions.
BrazilThe increased adoption of bitcoin is tied to the country’s increase in innovations in the broader financial services industry; The Brazilian payment system Pix allows any user to instantly transfer payments 24/7, any day of the week. The country is also home to Largest cryptocurrency exchange in Latin AmericaMercado Bitcoin backed by Softbank.