• The Brazilian Stock Exchange intends to offer cryptocurrency services next year

  • Brazil’s stock exchange, B3, is the latest institution to announce plans to enter the cryptocurrency market next year.

    The San Pablo-based exchange is looking into digital asset custody and crypto-as-a-service (CaaS) segments, citing a presentation given by B3 President Gilson Finkelsztain last week.

    B3 is also considering facilitating over-the-counter (OTC) trading services and access to liquidity centers, in addition to asset tokenization.

    “It’s natural for us to expand into the unregulated world of cryptocurrencies,” Finkelsztain explained. He also stated that B3 does not intend to be a cryptocurrency exchange, but rather to provide services to cryptocurrency traders.

    In addition, the exchange plans to launch a cryptocurrency exchange-traded fund (ETF). Five crypto ETFs have already been launched in Brazil, but B3 did not specify which index its potential ETF would track.

    Brazil’s central bank stated a few months ago that B3 could serve as the blockchain leader for its CBDC’s smart contract system, digital real.

    Germany and Switzerland have also joined.

    The German Savings Banks and Giro Association (DSGV) confirmed this week on Monday that it is considering allowing its customers to trade cryptocurrency in the first half of 2022.

    “Interest in crypto assets is enormous; the Sparkassen-Finanzgruppe sees it as well,” said a DSGV spokesman.

    He also stated that the S-Payment team, a DSV Group subsidiary that specializes in payment services, is already working on a pilot project to investigate the possibilities and risks of a wallet for their customers to safely store their crypto assets.

    According to reports, the bank intends to allow its customers to buy cryptocurrency directly from their checking accounts.

    DSGV currently has approximately 370 savings banks, with a combined customer base of approximately 50 million and €1.4 trillion ($1.58 trillion) in assets under management.

    Another bank, Switzerland’s largest online bank, Swissquote, revealed plans to launch its own digital currency trading platform by the end of the first half of 2022.

    “We want to enable more trading in various cryptocurrencies on the platform,” said Jan De Schepper, sales manager.

    The bank intends to expand its crypto offerings, including stablecoins and staking services. The Swiss bank currently supports 24 cryptos and reported a more than 1,000% increase in net income from crypto investments in the first half of 2021, totaling 63.2 million Swiss francs.

    Swissquote has already increased its workforce in response to the increased demand for cryptocurrency, with De Schepper noting that “our compliance and customer service teams were almost overrun by the crypto rush.”

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