Itaú Unibanco, the largest bank in Brazil and Latin America, has opened bitcoin and cryptocurrency trading to more than 60 million customers. according to reports.
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BREAKING NEWS: 60,000,000 clients of the largest bank in Brazil can now start buying twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and cryptography.
Little by little and then suddenly pic.twitter.com/KXSjPLFzCP
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1800849320037728455?ref_src=twsrc%5Etfw”>June 12, 2024
The bank's investment app, Ion, now allows users to buy and sell bitcoin and ethereum after initially offering cryptocurrency trading only to select customers in December 2023.
In an interview, Itaú head of digital assets Guto Antunes said the move came after weekly surveys, with early users showing strong demand for bitcoin and crypto services.
While not revealing the number of users, Antunes said that the Ion app has surpassed 3.5 million downloads, representing significant interest for bitcoin and cryptocurrencies in Brazil.
The bank opted to build its custody solution for customer wallets instead of using third parties. Each user receives a separate wallet to ensure asset segregation.
As the largest bank in Brazil with a wide reach, opening access to bitcoin will drive widespread adoption. Given the popularity of bitcoin in Brazil, the bank aims to be your preferred gateway to this new asset class.
The adoption of bitcoin and cryptocurrencies by a conservatively regulated institution like Itaú also further validates bitcoin as an investable innovation that is here to stay. More banks in the region may follow suit.
For bitcoiners in Brazil, buying and selling through their existing bank provides accessibility and removes barriers to adoption. The opening of the floodgates by Itaú marks a milestone in the financial integration of bitcoin in a major Latin American economy.
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