Brazil’s Largest Bank Itaú Unibanco Launches Crypto Trading Services
Brazil's largest bank, Itaú Unibanco, has reportedly introduced a cryptocurrency trading service for its clients, according to Reuters. The initial offering includes the trading of Bitcoin (BTC) and Ethereum (ETH), according to Guto Antunes, Itaú's head of digital assets. Antunes also mentioned the bank's plans to expand its cryptocurrency offerings in the future.
As part of the cryptocurrency trading service, Itaú Bank will serve as the custodian, ensuring the secure storage of clients' crypto assets. However, in the initial phase, clients will not have the ability to deposit or withdraw cryptocurrency using external wallets.
Antunes said:
“The most important thing is that when you keep your money in the bank account, you will have the guarantee of Itau’s balance sheet as security for the amounts invested.”
This development comes as major Brazilian banks, including Itaú Unibanco, BTG Pactual, and Santander Brasil, are expanding their workforce and allocating resources in preparation for the nationwide launch of the digital Brazilian real, known as the Drex. Itaú had previously introduced digital asset custody services earlier this year, with Antunes revealing that approximately 85% of their clients expressed interest in storing their cryptocurrencies with the bank.
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