Itaú Unibanco, Brazil's largest bank, officially entered the cryptocurrency exchange market, launching a trading service for its investment platform clients.
The service debuted on Monday and allows users to trade bitcoin and Ether, the two most popular cryptocurrencies.
Itaú expands cryptocurrency trading with a diverse portfolio
According to Reuters technology/brazilian-lender-itau-launches-crypto-trading-2023-12-04/” data-wpel-link=”external” target=”_blank”>reportGuto Antunes, head of digital assets at Itaú, revealed that the bank plans to expand its offering to include other cryptocurrencies in the future.
“Our strategic plan is to expand our portfolio of crypto assets, closely monitoring the country's regulatory framework for cryptocurrencies,” Antunes said.
Itaú Unibanco's foray into cryptocurrency trading positions it as a direct competitor to local cryptocurrency exchanges like MB and BTG Pactual's Mynt, as well as international giants like Binance.
Antunes emphasized that Itaú's unique selling proposition lies in its dual function as a trading platform and custodian, ensuring greater security for users' digital assets.
This launch comes at a critical time, following the withdrawal of two local players from the crypto market. XP, a brokerage and investment firm, and PicPay, a financial services entity owned by J&F, recently exited the crypto space.
XP did not specify a reason for discontinuing its encryption services. On the other hand, PicPay explicitly attributed its exit to regulatory uncertainties.
Itaú Unibanco's ventures in the digital asset space
Beyond cryptocurrency trading, Itaú Unibanco has been actively investing in the digital asset space. The bank operates a tokenization unit that allows clients to issue tokens representing real-world assets on its exchange.
Itaú has also participated in LIFT Lab, presenting a solution for a stablecoin linked to the Brazilian real. This initiative aims to facilitate fast and decentralized exchange between various fiat currency tokens.
Itaú Unibanco, together with BTG Pactual and Santander Brasil, is preparing for the launch of the Brazilian digital currency, the Drex. In partnership with the Central Bank of Brazil, these banks are increasing their resources and workforce, indicating a comprehensive digital transformation in Brazil's financial sector.
Itaú Unibanco's latest foray into cryptocurrency trading marks a major milestone in Brazil's banking sector, signifying the growing acceptance and integration of digital currencies into mainstream financial services.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
<!– ai CONTENT END 1 –>
