Brazil’s Largest Bank Itaú Unibanco: Expands Crypto Trading to Platform Users

TLDR

• Itaú Unibanco, the largest bank in Brazil and Latin America, has opened crypto trading to all users of its Íon investment platform.
• Users can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the Íon app.
• The bank’s decision followed weekly surveys with an initial group of clients, which showed strong support for crypto-related products.
• Itaú Unibanco developed its own custody solution for clients’ crypto wallets, ensuring segregated assets for each customer.
• The bank is considering adding more cryptocurrencies but is waiting for clear regulations from Brazil’s central bank regarding stablecoins.

Itaú Unibanco, the largest financial institution in Brazil and Latin America, has expanded access to crypto trading on its investment platform Íon.

The bank has made Bitcoin (BTC) and Ethereum (ETH) available to all users who download the Íon app, allowing them to buy and sell these cryptocurrencies directly through the platform.

The decision to open crypto trading to all customers follows a series of weekly surveys conducted by the bank with an initial group of clients.

According to Guto Antunes, head of Itaú Digital Assets, these surveys revealed strong support for crypto-related products, prompting the bank to expand its offering.

Itaú Unibanco has taken a proactive approach to ensure the security of its clients’ crypto assets by developing an in-house custody solution.

Antunes emphasized that the entire custody solution was designed and implemented within the bank, taking into account their fiduciary duty to customers. Each customer is provided with a digital wallet featuring segregated assets, ensuring the safety and independence of their holdings.

While the Íon app has surpassed 3.5 million downloads across Android and iOS devices, the bank has not disclosed the exact number of users. Antunes described the app’s popularity as “significant for the crypto space and surprising,” highlighting the growing interest in cryptocurrencies among the bank’s customer base.

Initially, the offering will be limited to Bitcoin and Ethereum. However, Antunes acknowledged that clients are requesting additional tokens, which the bank is considering pending a thorough regulatory risk assessment.

Regarding stablecoins, Itaú Unibanco is awaiting clear regulations from Brazil’s central bank before proceeding with their inclusion on the Íon platform.

The bank’s entry into the crypto market began in late 2023, with services initially launched for select customers. Itaú Unibanco aims to compete with local entities such as crypto exchange MB, BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market.

This move by Itaú Unibanco is expected to accelerate the adoption of cryptocurrencies in Brazil and potentially encourage other financial institutions in the region to follow suit.

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