Brazil’s largest bank opens crypto trading for all customers

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As a researcher with a background in finance and experience in following the cryptocurrency market, I am excited about Itaú Unibanco’s recent move to expand crypto trading access on its Íon investment platform. The largest financial institution in Latin America is making Bitcoin (BTC) and Ethereum (ETH) available to all users, which marks a significant milestone for the adoption of cryptocurrencies within the region.

I. In a simple and clear rephrasing: Itaú Unibanco now enables crypto trading for all its Íon investment platform users, empowering them to purchase and sell Bitcoin and Ethereum instantly via the application.

As a crypto investor, I’m excited to share that Itaú Unibanco, the leading financial institution in Latin America, has broadened the horizons of its investment platform Íon. Now, Bitcoin (BTC) and Ethereum (ETH) are accessible to every user who downloads and signs up for the app. This expansion marks a significant step forward in making digital currencies more accessible and inclusive in the region.

In a conversation with Valor Econômico, the leading Brazilian financial newspaper, Guto Antunes, Itaú Digital Assets’ chief, disclosed that the bank’s move was driven by favorable feedback from a preliminary client survey conducted on a weekly basis. Antunes underscored Itaú’s choice to create the security for clients’ crypto wallets in-house instead of relying on external services.

“Itaú collaborates with Liqi on participation and partnership matters, not custody. We developed and executed the entire custody solution in-house at Itaú, taking our fiduciary responsibilities seriously.”

Guto Antunes

As a researcher examining the latest developments in the crypto sphere, I’ve come across an intriguing piece of news. Although the bank declined to reveal the exact number of Íon app users, the report I’m studying indicates that this application has surpassed the milestone of 3.5 million downloads on both Android and iOS platforms. This figure is noteworthy for the crypto industry and comes as a pleasant surprise.

Although many users have shown interest, the initial rollout will only support Bitcoin and Ethereum transactions. Antunes acknowledged receiving requests to add more tokens but clarified that a comprehensive regulatory review is ongoing before making any decisions. Regarding stablecoins, Antunes remained vague, stating that Itaú is keeping a watchful eye for clear-cut regulations from Brazil’s central bank.

In the final quarter of 2023, Itaú Unibanco made its initial foray into the cryptocurrency sector, offering specialized services to a select clientele. The financial institution intends to challenge domestic competitors such as crypto exchange MB and BTG Pactual’s digital assets division Mynt, as well as international giants like Binance in Brazil’s burgeoning crypto market.

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2024-06-12 10:30