FameEX Hot Topics | Itau Unibanco, Brazil's Largest Bank, Opens Cryptocurrency Trading to All Customers

Itau Unibanco, the largest bank in Brazil and Latin America, has announced that its cryptocurrency trading services are now available to all users. Through Ion, the bank’s in-house investment platform, customers can now purchase Bitcoin (BTC) and Ether (ETH), a feature that was previously available only to select users.

As financial institutions increasingly recognize the potential of offering cryptocurrency alongside traditional services, Itau Unibanco, which serves over 60 million customers and employs nearly 100,000 people, has made this feature widely accessible. Although the service was initially launched in December, it was gradually expanded to more users to gauge acceptance levels on Ion, the bank’s investment app. According to Guto Antunes, head of Itaú Digital Assets, customer acceptance was high due to their trust in Itau’s cryptocurrency custody solution.

Antunes explained that the bank developed its custody solution independently, ensuring each customer has a digital wallet with segregated assets. He stated, “We have a stake and a partnership with Liqi, but nothing in terms of custody. The entire custody solution, since it was conceived, has been done with architecture and fiduciary duty within Itau.”

Currently, the platform provides digital asset offerings limited to Bitcoin (BTC) and Ether (ETH). However, Itau is considering the inclusion of additional cryptocurrencies. As a regulated banking entity, Itau is waiting for the Central Bank of Brazil to issue regulations regarding stablecoins before expanding its offerings on the Ion platform. Antunes emphasized, “We are aligned with the central bank in the development of regulation, we want to grow in the right way.” In addition to these services, Itau Unibanco has been active in the digital asset space since July 2022, when it launched tokenization services and created the Digital Assets unit. This unit aims to serve companies looking to put their assets on the blockchain and integrate with broader financial markets.

This move by Itau Unibanco demonstrates the growing trend of traditional financial institutions embracing cryptocurrency and digital asset services, offering their customers more diverse investment opportunities while ensuring regulatory compliance and robust security measures. By expanding its digital asset offerings, Itau Unibanco aims to position itself at the forefront of financial innovation, catering to the evolving needs of its customer base in the rapidly changing financial landscape.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.