Brazil’s Premier Bank Introduces Cryptocurrency Trading for Its 60 Million Customers

Brazil’s leading financial institution, Itaú Unibanco, has unveiled a plan to commence cryptocurrency trading services accessible to its clientele of 60 million.

Expansion Ensues Encouraging Pilot Feedback

Following a favorable pilot phase, Itaú Unibanco is progressing with this initiative.

The bank had previously conducted a limited trial offering cryptocurrency services to a selected customer base, gauging interest with weekly surveys to capture their sentiments. The trial garnered an exceptionally positive reaction, paving the way for the bank to proceed with a comprehensive deployment of its cryptocurrency trading services to the broader audience.

Guto Antunes, the Head of Digital Assets at Itaú Unibanco, remarked in a recent interaction that the trial received an extraordinarily affirmative reception.

BREAKING: Itau Unibanco, the most prominent bank in Latin America, has made #Bitcoin and #Crypto trading available for all users. pic.twitter.com/4xR718NLSU

— Crypto India (@CryptooIndia) June 12, 2024

During that conversation, Antunes expressed that “The custody infrastructure was meticulously crafted in-house at Itaú, with an emphasis on our fiduciary responsibility.”

The introduction of cryptocurrency services has been concurrent with the release of an additional application, separate from the bank’s main mobile app. Antunes announced that this new app has accrued over 3.5 million downloads on Android and iOS platforms.

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Anticipation for Mainstream Adoption of Cryptocurrency in Brazil

According to a post from Binance square in December 2023, the number of cryptocurrency users in Brazil is expected to soar to 11 million by 2024, signifying a significant boom in the country’s crypto space. This anticipated surge is likely an influential factor in Itau Unibanco’s strategy to launch cryptocurrency trading to its sizable customer network.

Brazil Boosts Crypto Regulatory Framework with Second Phase to Be Revealed by Late 2024. As it overtakes India’s G20 presidential role, Brazil’s Finance Track aims to craft enforceable crypto regulations on an international scale. https://t.co/t54ERqTTK8

— toujours tat (@toujoursTat) May 22, 2024

Stepping into the presidency of the G20 nations, Brazil has taken over the reins from India since December 2023. In a bid to spearhead crypto regulation, Brazil is actively collaborating with international financial authorities. The nation aims to unveil the upcoming phase of its cryptocurrency regulations by the end of 2024.

Disclaimer: Cryptocurrency is considered a high-risk investment. The information within this article is presented solely for educational purposes and should not be taken as investment advice. There’s a risk of losing your entire investment in cryptocurrency markets.