Itau Unibanco, the largest bank in Brazil and all of Latam has activated crypto trading for over 60 million of its customers and almost 100,000 employees. Per a post from the Bitcoin Magazine, the post on X, any of the bank’s customers or employees willing to make transactions, such as buying Bitcoin can do so conveniently.
Itau Unibanco and the Steady Bitcoin Embrace
The liberalization of access to crypto trading by Itau Unibanco is a major pivot from its former practice. Prior to this announcement, very few selected customers could only make purchases of Bitcoin or Ethereum via Ion, the bank’s in-house investment platform.
BREAKING: 🇧🇷 60,000,000 customers at Brazil’s largest bank can now start buying #Bitcoin and crypto.
Gradually then suddenly 🙌 pic.twitter.com/KXSjPLFzCP
— Bitcoin Magazine (@BitcoinMagazine) June 12, 2024
Notably, Itau launched a pilot phase in December 2023 to select customers to gauge the acceptance level. Guto Antunes, the Head of Itaú Digital Assets, noted that there was general adoption by bank customers leading to scaling of access.
As per Antunes’ observation, customers trusted Itau’s cryptocurrency custody solution and keyed into it. Although the bank is currently offering access to Bitcoin and Ethereum, there are plans to expand possibly to stablecoins, subject to regulatory approval.
“We are aligned with the central bank in the development of regulation, we want to grow in the right way,” Antunes clarified.
Implications for the Financial Sector
The move by Itau signals the growing awareness among traditional financial institutions of the potentials of digital assets. Analysts anticipate more financial institutions will push for regulatory authorities to allow integration of cryptocurrency trading in order to profit from digital assets.
Bitcoin as an asset class is growing at an astonishing rate. Currently, it is ranked higher than three major global traditional financial institutions combined. These include, JPMorgan Chase, Morgan Stanley and Wells Fargo.
Ultimately, more corporate bodies are willing to bet on it just as popular individuals like former Professional kickboxer Andrew Tate. Tate recently slammed the banking establishment and unveiled plans to buy Bitcoin worth $100 million.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.