Brazil’s Biggest Bank Unveils Cryptocurrency Trading Services for All Clients

The full breadth of Íon investment platform users can now engage in cryptocurrency trading, with Itaú Unibanco enabling the direct purchase and sale of Bitcoin and Ethereum via their application.

Itaú Unibanco, heralded as Latin America’s preeminent banking institution, has widened the scope of cryptocurrency trade capabilities on its Íon investment platform. Now, the platform’s application grants every user the ability to transact with Bitcoin (BTC) and Ethereum (ETH).

During an interview with Valor Econômico, a Brazilian news outlet, Itaú Digital Assets’ chief Guto Antunes shed light on the bank’s choice, citing a series of weekly client surveys that indicated a robust appetite for cryptocurrency offerings. Antunes highlighted Itaú’s internal approach to crafting secure solutions for digital asset wallets, foregoing external providers.

“Our collaboration with Liqi does not extend to custody – we formulated and put into place our own custody strategy, prioritizing the fiduciary responsibilities we hold.”

Guto Antunes

While specifics on the number of Íon platform users have not been disclosed, the application has reportedly seen over 3.5 million installations on various mobile platforms, a user base Antunes deems as not only significant for the cryptocurrency realm but also surprising.

Initially, Itaú Unibanco has opened its cryptocurrency transaction service to encompass just BTC and ETH. Antunes acknowledged customer interest in a wider array of digital tokens, which the bank is evaluating for future inclusion with a focus on regulatory and risk considerations. With respect to stablecoins, he stated that Itaú is awaiting definitive guidance from Brazil’s central bank, though no timeline was specified.

In late 2023, Itaú Unibanco made its inaugural foray into the cryptocurrency market by offering services to a select clientele. The bank has set its sights on vying with domestic players such as the MB crypto exchange, BTG Pactual’s Mynt digital assets division, and international contenders like Binance for a slice of the Brazilian market.