Brazil’s Largest Bank Launches Crypto Trading on Investment Platform

Itau Unibanco, Brazil’s premier bank, has now introduced crypto trading services to all the customers on its investment platform, thereby enabling direct transactions in Bitcoin and Ethereum.

According to Guto Antunes, Itau Unibanco’s CEO, the move was influenced by multiple surveys and interactions with customers which indicated substantial interest in crypto-based financial offerings. Antunes highlighted that the bank has constructed its own transactional mechanisms and cryptocurrency wallets, as opposed to relying on third-party providers.

Recent data from Itau indicates that its trading application has surpassed 3.5 million downloads. Antunues remarked on the high demand for cryptocurrency trading among their clients, pointing out that the operation’s expansion into crypto, including stablecoins, awaits a green light regarding regulatory compliance from Brazilian authorities.

Having stepped into the realm of cryptocurrency markets only recently in late 2023, Itau Unibanco is now making bold moves, beginning with exclusive concierge services for a select group of clients. The deployment of their Ion trading application is a clear indicator of Itau’s aspirations to challenge other major global crypto exchanges, such as MB, BTG, Mynt, and Binance.

Featured image courtesy of Ideogram