Home Brazil’s biggest bank opens investment app to crypto trades

Brazil’s biggest bank opens investment app to crypto trades

Brazil’s largest bank has opened up cryptocurrency trading to all users of its investment platform, allowing them to sell Bitcoin and Ethereum directly.

Guto Antunes, the chief executive of Itau Unibanco, said the decision came after a series of surveys and discussions with clients that showed a strong support for cryptocurrency financial products. A key point, Antunes said, is that Itau Unibanco developed the transaction infrastructure and virtual crypto wallets itself, rather than outsource it.

Itau’s latest report notes that its trading app has more than 3.5 million downloads. Antunues noted that there is significant appetite for crypto trading among its customer base but a regulatory risk assessment from Brazilian officials must clear the way first, both for cryptocurrency as well as stablecoins.

Itau Unibanco is a new but aggressive player in the crypto market, getting involved in late 2023 with concierge services to select customers. The launch of its Ion trading app signals a broader intent to compete in global cryptocurrency exchanges such as MB, BTG, Mynt, and Binance.

Featured image via Ideogram

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Owen Good
Gaming Editor (US)

Owen Good is a 15-year veteran of video games writing, also covering pop culture and entertainment subjects for the likes of Kotaku and Polygon. He is a Gaming Editor for ReadWrite working from his home in North Carolina, the United States, joining this publication in April, 2024. Good is a 1995 graduate of North Carolina State University and a 2000 graduate of The Graduate School of Journalism, Columbia University, in New York. A second-generation newspaperman, Good's career before covering video games included daily newspaper stints in North Carolina; in upstate New York; in Washington, D.C., with the Associated Press; and…

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