Biggest bank in the US allows all customers to trade cryptocurrency
Itaú Unibanco, the largest financial institution in Latin America, has now made it possible for all users of its Íon investment platform to engage in crypto trading, allowing them to buy and sell Bitcoin and Ethereum directly through the app.
In an interview with Brazilian newspaper Valor Econômico, Guto Antunes, the head of Itaú Digital Assets, shared that the decision to expand access to crypto trading on the platform came after conducting weekly surveys with an initial group of clients who expressed strong interest in crypto-related products. Antunes highlighted that Itaú chose to internally develop the security for clients’ crypto wallets rather than outsourcing it.
Although the exact number of Íon users was not disclosed by the bank, it was mentioned in the report that the app has exceeded 3.5 million downloads on both Android and iOS devices, a figure that Antunes described as “significant for the crypto space and surprising.”
Initially, the offering to all users will be limited to Bitcoin and Ethereum, as requested by clients. However, there is a possibility of adding more tokens in the future pending a comprehensive regulatory risk assessment. As for stablecoins, Itaú is currently awaiting clear regulations from Brazil’s central bank, with no specific timeline provided.
Itaú Unibanco made its initial foray into the crypto market in late 2023, targeting select customers with its services. The bank’s goal is to compete with local players like crypto exchange MB, BTG Pactual’s digital assets unit Mynt, and global giants such as Binance in the Brazilian market.
In other news, Brazil is set to implement a new tax on foreign crypto earnings in 2024.
