Brazilian bank Itau Unibanco has launched a cryptocurrency trading service for its investment clients.
Brazilian Bank Itau Launches Crypto Trading
Itau's new service will initially allow trading in Ethereum as well as Bitcoin, the most popular cryptocurrency, but the bank aims to add other cryptocurrencies later, Guto Antunes, head of digital assets, said in an interview.
“It starts with Bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” Antunes said, adding that any expansion will depend on how crypto regulation evolves in the country.
The move prepares Itau to compete with global giants such as Binance, as well as other local companies in Brazil such as crypto exchange MB and investment bank BTG Pactual's digital assets unit Mynt.
Antunes said he argues that Itau will be different from its competitors because it also acts as a custodian protecting users' assets.
This move comes about a month after two local players announced that they were leaving the crypto market.
*This is not investment advice.