Earlier in March, the company announced the launch of token-backed loans for Argentinian farmers. The deal was facilitated in conjunction with the S.American agri-commodities tokenization platform Agrotoken.
The bank also launched an initiative designed to help foster the growth of startups associated with the global blockchain ecosystem called “Santander X Global Challenge — Blockchain and Beyond.”
Brazil becoming hotbed for crypto finance
In recent months, a growing number of non-crypto financial companies have revealed their plans to launch crypto ventures in Brazil.
Fintech firm PicPay recently announced that it will be launching a crypto exchange in the country alongside a stablecoin pegged to the Brazilian real by the end of 2022.
Late last year, Mercado Libre, Latin America’s largest e-commerce firm by total valuation, afforded its Brazilian users the option to start buying, selling, and holding digital assets using its platform.
Earlier this week, Brazil’s largest digital bank, Nubank, announced that it had accrued a whopping one million users for its crypto trading platform within just 30 days of its launch.