Itaú Unibanco, Brazil’s Biggest Bank, Extends Bitcoin and Ether Trading to All Clients
Itaú Unibanco, a major private bank in Latin America based in Brazil, has recently made an exciting announcement. The bank, which boasts a customer base of over 60 million people, has decided to offer Bitcoin and Ether trading services to all of its customers.
This groundbreaking move began in December 2023 when Itaú Unibanco introduced the option to buy and sell cryptocurrencies through its investment platform known as ‘Ion’. Initially, only a select group of clients had access to this service, but it has gradually been made available to a wider range of customers who have downloaded the platform’s app.
During an interview with a local publication, Guto Antunes, the head of Itaú Digital Assets, confirmed this expansion. He revealed that the bank had been conducting weekly surveys to gauge customer interest in cryptocurrency transactions. The results showed a high level of acceptance among clients, who also expressed significant trust in Itaú’s secure custody services. It is worth noting that the bank developed an in-house tool to safeguard customers’ crypto wallets, with support from tokenizer Liqi.
In compliance with guidelines set by Brazil’s Central Bank (BC), Itaú Unibanco has established separate digital wallets for each client to ensure proper asset segregation. The BC is currently in the process of formulating regulatory proposals for the crypto industry, with plans to unveil them by the end of the year.
The ‘Ion’ app developed by Itaú Unibanco has already garnered over 3.5 million downloads on both Android and iOS platforms, according to Antunes. He expressed surprise at the rapid uptake of the app, even during its initial phase. The bank currently facilitates trading in Bitcoin and Ether, with intentions to expand to other cryptocurrencies as customer demand grows, pending regulatory risk assessments.
Looking ahead, Itaú Unibanco is eagerly awaiting the BC’s guidance on stablecoin operations in Brazil. Antunes highlighted the challenges faced during the testing phase, particularly in training managers to provide informed advice to clients about this new asset class. To address this issue, the bank has implemented a network-first solution in the form of an AI chatbot that experts and managers can use to address customer inquiries effectively.
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