Citing Mario Leão, CEO of Santander Brazil, Folha de S. Paulo reported that the bank plans to begin offering crypto-related services to Brazilian customers in the coming months. Leão said the bank expects to clarify this issue in the next few months, either before or when the next quarterly results are announced.

   “We realize that this market is volatile, and we think that our customers are demanding these types of assets, not just a reaction to the positioning of these competitors, and so we need to find the most accurate and more educational way of doing this.”

In the news, Latin American banking giant Itaú announced the launch of its own tokenization platform Itaú Digital Assets on July 14, while XP and Nubank announced their own crypto offerings in May.

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He also said that as reported in May, Nubank has invested 1% of its portfolio in Bitcoin (BTC) and that the app will launch with a feature that will allow users to buy, sell and hold BTC and Ethereum (ETH).

Crypto has been spreading in the region for a while. For example, in January this year, Argentina-based e-commerce giant Mercado Libre invested in Mercado Bitcoin and Paxos (PAX) to support its presence in the crypto space, as well as in the development and adoption of digital assets in Latin America.

Meanwhile, Banco Santander Brasil SA's net profit "exceeded second-quarter net income expectations," reaching 4.08 billion Brazilian reals ($787 million), up 2% from the previous quarter, Reuters reported on Thursday. However, loan loss provision, an indicator of how much cash the bank has set aside to cover loans that are unlikely to be fully repaid, rose 24.6% during the quarter to reach Brazilian reals ($1.1 billion), up 24.6% amid the challenging macroeconomic situation.