Brazil’s Largest Bank Dives into Crypto: Itau Unibanco Expands Services

On Monday, 4 December, Brazil’s leading bank, Itau Unibanco (ITUB4.SA), launched a cryptocurrency trading service on its investment platform.

Initially featuring Bitcoin (BTC) and Ethereum (ETH), the bank, plans to incorporate more cryptocurrencies in the future, contingent on Brazil’s regulatory landscape.

Digital asset head Guto Antunes, said:

“It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,”

This move positions Itau in the competitive landscape alongside local players like Mercado Bitcoin and BTG Pactual’s Mynt, as well as global giant Binance.

Global Banks Embrace Digital Assets

Beyond Brazil, global banks are embracing digital assets and blockchain technology.

Notable examples include HSBC integrating blockchain, Societe Generale securing the first license under France’s new cryptocurrency regulations, and Germany’s DZ Bank AG planning a digital asset custody platform.

Global Impact and Expansion

North American financial institutions, including JPMorgan Chase & Co (JPM), adopt the trend by utilising cutting-edge blockchain technology.

This includes the introduction of a new feature allowing companies to execute transactions instantly.

Simultaneously, Robinhood is expanding its services to the EU and UK, reflecting a broader global trend of financial institutions exploring and integrating digital assets.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.