Brazil’s largest financial institution, Itaú Unibanco, has now enabled cryptocurrency trading for all users of its Íon investment platform. The expansion allows customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the platform’s app.
Expansion of cryptocurrency trading on Íon Investment Platform
The decision to open cryptocurrency trading to a wider audience was made following weekly surveys with an initial group of clients. According to Guto Antunes, head of Itaú Digital Assets, these surveys showed strong customer support for crypto-related products. In an interview with Brazilian newspaper Valor Econômico, Antunes stressed the bank's commitment to developing security solutions in-house rather than outsourcing them. "We have involvement and collaboration with Liqi, but not custody. The entire custody solution was designed and implemented with our fiduciary responsibility in mind," he said.
The Íon investment platform has achieved over 3.5 million downloads on Android and iOS devices, a milestone described by Antunes as a significant one in the cryptocurrency space. However, despite this high level of acceptance, the current offering is still limited to BTC and ETH. Antunes acknowledged that clients have been requesting the addition of additional tokens, which the bank is considering. These additional tokens will be added after a comprehensive regulatory risk assessment has been completed.
Aims to become a key player in Brazil’s growing cryptocurrency market
Itaú Unibanco’s entry into the cryptocurrency market by the end of 2023 marks the beginning of its efforts to compete with local entities such as BTG Pactual’s digital asset unit Mynt and crypto exchange MB, as well as global players such as Binance. The cryptocurrency trading market in Latin America has become increasingly competitive, with major financial institutions and international giants vying for market dominance. This competition is driven by the growing demand for various cryptocurrency-related products and services, as well as the need for strong security measures and regulatory compliance. This dynamic environment has fostered innovation and accelerated the adoption of cryptocurrencies in the Brazilian market.
Regarding the inclusion of stablecoins, Antunes mentioned that Itaú is waiting for clarity from the Brazilian Central Bank. He did not provide specific details on the expected timeline for this development.
In summary, Itaú Unibanco's expansion of its cryptocurrency trading services through the Íon investment platform marks an important step in the bank's strategy to provide innovative financial products to its customers. With strong initial support and a sound internal security framework, the bank is poised to become a key player in Brazil's growing cryptocurrency market.
English 
Chinese (China) 
Chinese (Hong Kong) 