Banking Giant Santander to Offer Cryptocurrency Trading Services in Brazil

Santander, the multinational banking giant, has announced plans to start offering cryptocurrency trading services in Brazil. The bank will initially provide this functionality to selected customers of its investment unit, Toro, and will gradually expand it to more users. This move positions Santander alongside other Brazilian banks like Nubank and Itau Unibanco, which already offer crypto trading services.

Santander’s decision to offer cryptocurrency trading follows three years of internal studies and market analysis. Toro will begin offering these services to a select group of customers whose risk profiles are suitable for cryptocurrency trading. Initially, the trading will include only Bitcoin and Ether. Previously, Toro had limited its offerings to exchange-traded funds (ETFs) and investment funds for select customers.

Joao Resende, co-founder and CEO of Toro, indicated that they plan to study and potentially expand the cryptocurrency and tokenized asset offerings. The goal is to eventually extend these services to over 1 million platform customers and possibly other units within Santander. Resende emphasized that this initiative is just the first step in a broader plan.

Santander had initially announced its intention to enter the cryptocurrency market in 2022, but the launch was delayed due to extensive review and screening processes for partners providing custody and other support infrastructure. Resende noted the importance of ensuring the product’s security and maintaining an educational focus for users.