Brazil's biggest bank opens investment app to crypto trades

Brazil’s largest bank has opened up cryptocurrency trading to all users of its investment platform, allowing them to sell Bitcoin and Ethereum directly.

Guto Antunes, the chief executive of Itau Unibanco, said the decision came after a series of surveys and discussions with clients that showed a strong support for cryptocurrency financial products. A key point, Antunes said, is that Itau Unibanco developed the transaction infrastructure and virtual crypto wallets itself, rather than outsource it.

Itau’s latest report notes that its trading app has more than 3.5 million downloads. Antunues noted that there is significant appetite for crypto trading among its customer base but a regulatory risk assessment from Brazilian officials must clear the way first, both for cryptocurrency as well as stablecoins.

Itau Unibanco is a new but aggressive player in the crypto market, getting involved in late 2023 with concierge services to select customers. The launch of its Ion trading app signals a broader intent to compete in global cryptocurrency exchanges such as MB, BTG, Mynt, and Binance.

Featured image via Ideogram