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The cryptocurrency industry should prepare for massive immigration into space in the coming months. For the past few months, different banking and financial institution firms have been migrating into the crypto space.
Most of these fintech companies migrating into cryptocurrency trading and exchange services are targeting regions with less saturation. The fintech companies are beginning to acknowledge cryptocurrency trading as the ‘next big market.’
Santander Set to Launch Crypto Trading Services In Brazil
The entry of the multinational Spanish bank into the cryptocurrency space was made known by the CEO earlier. The chief executive officer, Leao Mario, revealed that Santander users and clients in Brazil should expect crypto services from the banking company.
According to the CEO, Brazil users of the banking company would be able to use crypto trading services from the institution. Maria failed to explain when, how, and mode of how the crypto trading services will be launched.
The full details of the crypto trading services will be made known by the company in October during its annual financial event. Rumors stated that the company Santander would also expand its services to digital assets and properties, blockchain, and cross-border payment.
Maria assured Santander Brazilian users and clients that the services would be launched in the next few months. The company will also make waves and milestones in the Brazilian cryptocurrency space.
Regarding the company’s goal, Maria stated that the cryptocurrency space in Brazil is a stable and profitable company. The company is entering the market to provide services for its clients in a scalable, easy, and efficient way. We are not in the space to compete with our competitors.
Brazilian Fintech Companies Making Their Way Into Crypto
Financial institutions have been entering the cryptocurrency industry and space in recent times. Most of these companies are mainstream banking and investment companies adding cryptocurrency services to their offerings.
One of these fintech companies is Nubank. Nubank is one of the leading digital lender companies in Brazil, which made its entry into crypto trading in July. Fortunately, in less than one month, the company has hit 1 million crypto traders on its platform.
Another giant fintech firm, Picpay, had announced its next move to launch a crypto-exchange platform. The Picpay exchange platform will also develop its coin that will be available for sale, buy, and trade in the markets. The company CEO, Mercado Libre, has stated that the firm has started buying and holding cryptos.
With this high migration rate into the space, companies, firms, and platforms in the cryptocurrency industry should prepare for fierce competition. These fintech companies have garnered enough resources and experience in their banking industries. Navigating through the cryptocurrency space may pose an easy task.
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