Itau Unibanco, one of Brazil’s largest banking institutions, started providing trading services for cryptocurrencies on its investment platform today.
According to the statements made by Guto Antunes, responsible for the bank’s digital asset unit, customers initially Bitcoin and Ethereum will be able to transact with. The bank will later add more cryptocurrencies is planning.
“It starts with Bitcoin, but more generally, our strategic plan is to expand to other crypto assets in the future,” Antunes said. said. The bank’s plan will depend on how cryptocurrency regulations in Brazil take shape.
With this move, Itau Unibanco will compete with both local exchanges such as MB and global exchanges such as Binance.
According to Antunes’ statements, Itau will be able to stand out from its competitors because it also serves as a custodian.