Brazil’s Largest Bank Itau Unibanco Launches Crypto Trading Services

Brazilian bank Itau Unibanco has entered the cryptocurrency trading market, making it the largest lender in the country to offer such a service and it aims to provide trading of largest cryptocurrencies like Bitcoin and Ether.

Itau Unibanco has announced the launch of a cryptocurrency trading service for its investment platform. The service will initially allow trading in Bitcoin and Ether, with plans to expand to other cryptocurrencies in the future.

Itau Makes Its Mark

Itau’s entry into the market comes as other local players, such as MB and BTG Pactual’s Mynt, also operate in the space. Global giants like Binance are also present in Brazil. Itau argues that it will stand out from competitors as it also acts as a custodian, safeguarding users’ assets.

Now, adding to the point announcement follows the departure of two local players from the market last month. Brokerage and investment company XP did not provide a reason for closing its crypto service, while financial services firm PicPay cited regulatory uncertainties as the reason for its exit.

What’s the Game Plan?

Itau’s digital asset head, Guto Antunes, stated that the bank’s overarching strategic plan is to expand its crypto offerings beyond bitcoin and ether, subject to how crypto regulation evolves in Brazil. Antunes added that the move sets Itau up to compete with other local players in the market.

What It Means for Brazil’s Crypto World

Itau Unibanco stepping into the Brazilian cryptocurrency trading scene is a big deal. Being one of the country’s largest banks, Itau’s move is likely to catch the eye of big investors, giving more credibility to cryptocurrencies in Brazil. But, how regulatory changes will affect Itau’s big plans is still up in the air. Keep an eye on how Itau Unibanco’s move reshapes the crypto landscape in Brazil.