Brazil’s largest bank announced that it would open a cryptocurrency trading service, which initially includes Bitcoin and ETH.
Brazil’s largest bank allows trading in Bitcoin and Ether
— Collin Brown (@CollinBrownXRP) December 4, 2023
As originally announced by Reuters magazine, the Brazilian bank Itau Unibanco announced this December 4 the opening of cryptocurrency trading services. It is good to remember that Itau bank is the largest bank in the country. It is in this context that cryptocurrency in Brazil could be adopted even faster.
Initially, customers of the Brazilian bank will be able to exchange and buy Bitcoin and ETH. However, according to Guto Antunesthe head of digital assets at Itau, other cryptocurrencies should become available later.
“It starts with Bitcoin, but our overall strategic plan is to expand to other cryptoassets in the future“ he declares.
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While the largest crypto exchange in Brazil, Bitcoin marketthat obtained a license this summer, Itau intends to differentiate itself from its competitors by offering secure custody, according to Antunes.
“This is a milestone event and an important initiative for a traditional banking institution, Itau follows new financial entities such as Nubank and BTG Pactual, both of which have integrated Bitcoin into their customer base. “adds Antunes.
Despite everything, other players have recently left the crypto industry. In fact, one of the largest crypto brokers in Brazil (XP) announced to stop its crypto servicesOctober last year.
If the reasons are unknown, the company PicPay she had mentioned a “legislative uncertainty”. As a reminder, PicPay had announced the opening of their crypto trading service in the summer of 2022.
Despite the fact that regulatory uncertainty is indeed an obstacle to the adoption and development of the industry, the fact is that Brazil’s largest bank is finally entering the world of cryptocurrencies.