Nearshore Americas
crypto cryptoccurency bitcoin

Banks in Brazil Scramble to Attract Crypto Investors

Brazilian banks are vying with each other to attract crypto investors, as the South American country is set to enact a law to regulate investments in digital currencies.

Spanish banking giant Banco Santander announced the launch of cryptocurrency services by the end of October this year.

The news comes amidst reports that Nubank, one of the Brazil’s fastest-growing digital banks, amassed one million crypto customers in a space of 25 days in June.

Santander will be the fourth financial services provider to offer such a service in Brazil after BTG Pactual and PicPay.

Brokerage firm XP Inc, meanwhile, unveiled plans to launch a digital asset exchange, known as XTAGE, in order to allow Brazilians to trade in cryptocurrencies, including Bitcoin and Ether.

In addition, the government in Rio de Janeiro has long been expressing a desire to grow into a global crypto hub.

Brazil is one of a few large economies with significant investments in cryptocurrencies. In a survey conducted by US crypto platform Gemini, 41% of Brazilians admitted to owning Bitcoins or Altcoins.

Sign up for our Nearshore Americas newsletter:

The South American country has, however, no plans to declare cryptos as legal tender.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

Add comment