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- Itau Unibanco, Brazil’s largest bank, launched a cryptocurrency trading service for its investment platform customers on Monday.
- Guto Antunes stated, “It starts with Bitcoin
, but our general strategic plan is to expand to other crypto assets in the future.” - Antunes claimed that Itau would stand out from its competitors because it would also serve as a custodian, protecting users’ assets.
Itau Unibanco, the largest bank in Brazil and Latin America, is entering the world of Bitcoin and Ethereum trading!
Brazil’s Largest Bank Dives into Crypto
Itau Unibanco, Brazil’s largest bank, launched a cryptocurrency trading service for its investment platform customers on Monday, becoming one of the local players entering the digital asset exchange market with this move.
Initially, Itau’s new service will allow buying and selling of the most popular cryptocurrencies, Bitcoin and Ether. However, in an interview with the digital asset manager Guto Antunes, the bank aims to add other cryptocurrencies in the future.
Guto Antunes said, “It starts with Bitcoin, but our general strategic plan is to expand to other crypto assets,” and added: “Any expansion will depend on how crypto regulations in the country evolve.”
This move positions Itau to compete with global giants such as Binance, along with local competitors like the cryptocurrency exchange MB and the investment bank BTG Pactual’s digital assets unit Mynt.
Itau Unibanco aims for market dominance
Antunes said that Itau would stand out from its competitors because it would also serve as a custodian, protecting users’ assets.
This step comes about a month after two local players announced their withdrawal from the crypto market. Brokerage and investment firm XP did not disclose the reason for closing its crypto services, but financial services company PicPay, owned by the J&F conglomerate, cited regulatory uncertainties.