São Paulo, Brazil, December 18, 2023– In a move signaling a major shift in Brazil’s financial landscape, Itau Unibanco, the country’s largest private bank, launched cryptocurrency trading services for its customers on December 6. 1
Itau’s new platform, dubbed “Ion Crypto,” initially offers trading for Bitcoin (BTC) and Ether (ETH) through its financial trading platform, Ion. The bank plans to gradually expand the platform to encompass a wider range of cryptocurrencies and features, catering to the diverse needs of its extensive customer base.
Experts see Itau’s entry into the crypto space as a potential game-changer for the Brazilian market.
“This is a major validation for the industry,” said João Pedro Oliveira, CEO of a local crypto exchange. “Itau’s involvement lends credibility and legitimacy to cryptocurrencies, potentially attracting a new wave of investors.”
The move aligns with Itau’s focus on digital innovation and catering to evolving customer preferences. A recent survey revealed that nearly half of Brazilian millennials express interest in investing in cryptocurrencies.
By offering a secure and familiar platform for digital asset trading, Itau aims to tap into this growing demand and provide its customers with diversified investment options.
However, Itau’s foray into crypto is not without its challenges. Regulatory uncertainties surrounding digital assets in Brazil persist, and concerns about market volatility and potential risks remain.
Banco Itaú Unibanco S.A., with its headquarters in São Paulo, Brazil, is a leading financial services company. Established in 2008 as a result of the merger between Banco Itaú and Unibanco, Itaú Unibanco has grown to become the largest banking institution in Brazil and across Latin America. It holds the position of the seventy-third largest bank globally. The bank’s shares are listed on the B3 in São Paulo and NYSE in New York.
- Reuters : https://www.reuters.com/technology/brazilian-lender-itau-launches-crypto-trading-2023-12-04/[↩]
