Santander to Launch Crypto Trading Services in Brazil

Santander, which is a Spanish multinational banking giant, is going to make strides in the cryptocurrency industry. Santander Brazil’s CEO, Mario Leao revealed on Thursday that the bank is planning to launch crypto trading services for Brazilian clients in the coming months.

First reported by local newspaper Folha de S. Paulo, the bank is expected to provide further details about its crypto plans in the company’s next earnings release which will come out in mid-October.

The Brazilian Crypto Space

Santander’s move came after several other mainstream financial institutions in Brazil entered the crypto industry with their services. Nubank, which is Brazil’s largest digital lender, recently revealed that the number of its crypto trading users crossed one million too only a month after launching the services.

PicPay, another Brazilian  fintech 
Fintech

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation…