Bank of Brazil Launches Cryptocurrency Trading in August

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2022-08-02 02:00:43

Banco Santander Brazil (BSB) – a branch of Spain’s largest commercial bank and one of the largest banks in Europe and globally, is about to take its first “steps” into the field. cryptocurrency sector.

Along with fintech companies, such as: Nubank, Mercado Libre and PicPayBSB will allow crypto trading next month.

Banco Santander Allows Cryptocurrency Trading in Brazil

Mario Leao, CEO of Brazil-based Santander, said that the multinational bank Santander – is preparing a plan to help customers in the Brazilian branch area can trade cryptocurrencies in the near future.

According to the local newspaper, in addition to the crypto-related services and features offered in August, investors can expect more in October.

“We recognize that this is a market worth betting on and we don’t have to be stubborn about it as a competitor. Simply put, our customers have a need to use this type of asset, so we have to find the most accurate way and the best educational plan for both ways,” Leao shared.

The decision to join the crypto market was unanimously approved by Santander from the beginning of this year

In a blog post on March 7, the Spanish multinational group said it is partnering with a start-up Agrotoken to provide agricultural loans. The loans are backed by stablecoins pegged to grains like soybeans, wheat, and corn.

Santander information that the company has tested with many manufacturing plants in Argentina to confirm the product’s value. Regarding Agrotoken, the startup says it has a “multi-pronged infrastructure”, with the platform built on Ethereum, Polygon, and Algorand.

The move of many crypto companies in Brazil

In addition to the Santander group, a number of non-crypto financial companies have also announced and started operating crypto ventures in Brazil recently. In mid-July, fintech company PicPay announced plans to launch a cryptocurrency exchange and stablecoin pegged to Brazilian fiat.

Mercado Libre, Latin America’s largest e-commerce company, began allowing users in the country to buy, sell and hold cryptocurrencies.

Brazil and the whole South American region in general is where the cryptocurrency market is extremely active
Brazil and the whole South American region in general is where the cryptocurrency market is extremely active

Earlier this week, on July 26, Nubank – the largest Brazilian digital bank by market value – announced the achievement of 1 million users on its cryptocurrency exchange even though it was only launched a few days ago. 1 month.

In March, Rio de Janeiro, Brazil’s second largest city, has allowed BTC payments. To carry out the operation, the city will hire companies that specialize in converting cryptocurrencies into the local Brazilian Real. By doing this, City Hall will receive 100% of the tax amount in fiat currency.

In addition, in terms of expertise, Brazil is one of the rare countries that fully owns products and toolkits closely related to Crypto in the world.

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