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Itaú Unibanco, Brazil’s largest bank: expands cryptocurrency trading to platform users
TLDR
- Itaú Unibanco, the largest bank in Brazil and Latin America, has opened cryptocurrency trading to all users of its Íon investment platform.
- Users can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the Íon app.
- The bank’s decision followed weekly surveys with an initial group of customers, which showed strong support for cryptocurrency-related products.
- Itaú Unibanco has developed its own custody solution for clients’ crypto wallets, ensuring separate assets for each client.
- The bank is evaluating the possibility of adding other cryptocurrencies, but is awaiting clear regulations from the Brazilian central bank regarding stablecoins.
Itaú Unibanco, the largest financial institution in Brazil and Latin America, has expanded access to cryptocurrency trading on its Íon investment platform.
The bank has made Bitcoin (BTC) and Ethereum (ETH) available to all users who download the Íon app, allowing them to buy and sell these cryptocurrencies directly through the platform.
The decision to open cryptocurrency trading to all customers follows a series of weekly surveys conducted by the bank with an initial group of customers.
According to Guto Antunes, head of Itaú Digital Assets, these surveys revealed strong support for cryptocurrency-related products, prompting the bank to expand its offering.
Itaú Unibanco has taken a proactive approach to ensuring the security of its clients’ crypto assets by developing an internal custody solution.
Antunes highlighted that the entire custody solution was designed and implemented within the bank, taking into account their fiduciary duty towards customers. Each customer is provided with a digital wallet with segregated assets, ensuring the security and independence of their holdings.
Although the Íon app has surpassed 3.5 million downloads on Android and iOS devices, the bank did not reveal the exact number of users. Antunes described the app’s popularity as “significant and surprising for the cryptocurrency industry,” highlighting the growing interest in cryptocurrencies among the bank’s customer base.
Initially, the offering will be limited to Bitcoin and Ethereum. However, Antunes acknowledged that customers are requesting additional tokens, which the bank is considering pending a thorough regulatory risk assessment.
As for stablecoinsItaú Unibanco is awaiting clear regulation from the Brazilian central bank before proceeding with their inclusion in the Íon platform.
The bank’s entry into the cryptocurrency market began in late 2023, launching services initially for selected clients. Itaú Unibanco aims to compete with local entities such as cryptocurrency exchange MB, BTG Pactual’s digital assets unit Mynt, and global players such as Binance in the Brazilian market.
This move by Itaú Unibanco is expected to accelerate the adoption of cryptocurrencies in Brazil and potentially encourage other financial institutions in the region to follow suit.