Itau Unibanco, the largest bank in Brazil, has announced the launch of cryptocurrency trading for all users of its Íon investment platform. While the feature initially debuted in December, it was only accessible to select consumers and has since been gradually expanded to a wider user base. Now, users can seamlessly buy and sell Bitcoin and Ethereum directly through the Íon app.
A notable aspect of this initiative is Itaú Unibanco’s development of its custody solution for clients’ crypto wallets. This solution ensures segregated assets for each customer, enhancing security and peace of mind for users engaging in cryptocurrency transactions.
Itaú Unibanco’s move to provide cryptocurrency trading underscores its dedication to meeting its customers’ changing needs and embracing emerging financial technologies. The bank’s readiness to innovate and adjust to the evolving financial landscape emphasizes its leadership in the Brazilian banking sector.
While Bitcoin and Ethereum are the initial offerings, Itaú Unibanco is exploring the possibility of adding more cryptocurrencies to its trading platform. However, the bank is awaiting clear regulatory guidance from Brazil’s central bank, particularly regarding stablecoins, before expanding its cryptocurrency offerings further.
The launch of cryptocurrency trading on the Íon investment platform marks a significant milestone for Itaú Unibanco and reflects the growing mainstream acceptance of cryptocurrencies in Brazil’s financial ecosystem.