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Brazil’s largest bank, with assets under management of BRL 2,069 trillion, opens Bitcoin (BTC) trading to everyone
- Itau Unibanco, the largest bank in Brazil, now offers Bitcoin trading to all customers.
- The bank’s assets under management amount to BRL 2,069 trillion, underlining its market leadership.
Followed by the last one insights into the tax rules of Bitcoin in Brazil since the CNF, Itau Unibanco has achieved a significant expansion of its financial services. The bank has introduced cryptocurrency trading to all customers through its in-house investment platform, Ion.
Previously, these services were limited to a select group of users. This move by the Brazilian financial giant demonstrates its willingness to do so embrace the changing financial landscape where digital resources play a fundamental role.
As detailed in recent Binance News updates and reported by Odaily, Itau Unibanco has extended its cryptocurrency trading facilities to include not only Bitcoin but also Ethereum. This development is part of the bank’s strategic initiative to comprehensively incorporate digital currencies into its range of financial services.
It represents a crucial evolution in Itau Unibanco’s approach, promoting wider accessibility and integration of digital currencies.
Influence on Latin American financial markets
Itau Unibanco’s decision to democratize access to cryptocurrency trading could set a precedent for other financial institutions in Latin America. Expansion into digital currencies could encourage similar moves by other banks, reflecting a growing recognition of the importance of digital assets in the global financial ecosystem.
Additionally, Itau is contemplating the introduction of more cryptocurrencies, pending further regulatory guidance from the Brazilian Central Bank, particularly regarding stablecoins.
At the time of writing, according to the latest data from Coin Market Cap, Bitcoin is currently trading at $69,384.74scoring a 3.57% increase compared to the last day. This reflects the dynamic nature of the cryptocurrency market. For more detailed price movements and predictions, view the Bitcoin price chart below:
This strategic change is not only in line with Itau’s innovative drive but also with the regulatory framework, ensuring that the bank continues to expand responsibly by adhering to high standards of financial integrity.