Santander Brasil is planning to provide bitcoin services for over 50 million of its regional clients.
“We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves, it is simply a vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it,” Santander CEO Mario Leao said on Thursday.
Brasil is on the forefront of Bitcoin adoption. In the month of May the volume of bitcoin transactions recorded increased by 50% and statistics indicate that Brasilians moved around 33,673.53 bitcoins through exchanges between May 1 and May 31.
With 215 million Brasilians in total population, the bank’s move to integrate bitcoin will give a fair quarter of the nation access to the hardest money on earth.
Banco Santander (Brasil) S.A. is the Brazilian subsidiary of the Spanish Santander Group, headquartered in São Paulo, Brazil. It is the fifth largest banking institution in Brazil, as well as the fifth largest in Latin America.
Founded in 1982, Banco Santander gained mass through several strategic acquisitions between 1997 and 2007, which made it the fifth largest bank in the country. The top players are Itaú Unibanco, Banco do Brasil, Banco Bradesco and Caixa Econômica Federal.
Santander Brasil operates in all segments of financial markets, with a network of over 3600 branches and service centers and over 18,000 cash ATMs.
Santander in Latin America has already dabbled in shitcoins earlier this year. In March, the institute partnered up with Agrotoken, an Argentina-based agricultural commodities tokenization platform. The idea was to use tokenized commodities in order to provide collateralized loans to farmers in Argentina.
The new direction of Santander Brasil shows that bitcoin is not seen as a risky asset but a legitimate alternative store of value.
Traditional banks around the world are jumping on the bitcoin bandwagon one after another. Bitcoin is not optional and smart management is aware of the inherent risks in the fiat system and the most attractive solution: Bitcoin.