Brazil’s largest bank, Itau Unibanco, has ventured into the cryptocurrency exchange market by introducing a trading service for clients on its investment platform.
This service initially enables users to trade Bitcoin and Ethereum, with plans to expand its offerings to include additional cryptocurrencies. Itau Unibanco positions itself as a competitor to local exchanges such as MB and BTG Pactual’s Mynt, as well as global players like Binance.
The bank distinguishes itself by serving as both a trading platform and custodian, enhancing security for users’ digital assets.
This move follows the exit of two local players, XP and PicPay, from the crypto market due to regulatory uncertainties. Itau Unibanco has actively engaged in the digital asset space, operating a tokenization unit and participating in initiatives like the LIFT Lab.
Additionally, it is preparing for the launch of Brazil’s digital currency, the Drex, in collaboration with BTG Pactual and Santander Brasil, reflecting a broader digital transformation in Brazil’s financial sector.
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