As part of its investment platform, Itaú Unibanco, a Brazilian bank, has reportedly introduced a cryptocurrency trading service for its customers.
A December 4 report revealed that as part of its investment platform, Itaú Unibanco, a Brazilian bank, has introduced a cryptocurrency trading service for its customers. Itaú is the country’s biggest bank by assets and one of Latin America’s major lenders.
Guto Antunes, digital asset head, allegedly claimed that the bank is launching crypto trading with Ether and Bitcoin. In the future, the bank intends to include more cryptocurrencies for trading.
Itaú Bank will serve as the crypto trading service’s cryptocurrency keeper, an indicator that it will store crypto assets for its customers. Antunes allegedly said that earlier, Itaú customers’ ability to utilize crypto wallets to deposit and withdraw cryptocurrency would be impossible.
Major Banking Entities Prepare for Digital Brazilian Real
Antunes claimed that the most critical thing is that when one keeps their money in the bank account, they will have the security of the bank’s balance sheet as surety for the invested funds. Despite a request for comment, Itaú Unibanco failed to respond.
This news comes as the nation’s major lenders, including Itaú Unibanco, Santander Brasil, and BTG Pactual, are allegedly building up headcount and increasing resources as they prepare for the countrywide unveiling of Drex, the digital Brazilian real.
Earlier this year, Itaú allegedly introduced digital asset custody, with Antunes revealing that 85% of its customers were keen on storing their crypto with the bank.
Local Brazil Crypto Players Exiting Business
Nearly a month has passed since two local players announced their intentions to exit the crypto market. According to a news agency, XP Investimentos, an investment and brokerage firm, lately revealed its crypto services shut down and failed to disclose reasons.
PicPay, a financial service company owned by conglomerate J&F, which also manages JBS, a meatpacker, allegedly claimed that regulatory qualms caused the crypto business’s termination.
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