On Monday, December 4, Brazil’s largest lender, Itau Unibanco (ITUB4.SA), introduced a cryptocurrency trading service for clients on its investment platform, joining other local players in the digital asset exchange market.
Initially, Itau’s latest offering will facilitate the trading of Bitcoin (BTC) and Ethereum (ETH), the two most prominent cryptocurrencies. However, according to Guto Antunes, the Head of Digital Assets, the bank plans to incorporate additional cryptocurrencies in the future, per an interview given to Reuters on December 4.
“It starts with Bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” he said, stating that future expansions depend on the judicial regulations in Brazil.
This step positions Itau to enter the competitive landscape in Brazil, pitting it against local players such as crypto exchange MB, investment bank BTG Pactual’s digital assets unit Mynt, and global giants like Binance.
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