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Brazilian Bank Launches Crypto Trading Services as Bitcoin Surges Past $42,000

2 mins
Updated by Geraint Price
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In Brief

  • Itaú Unibanco, Brazil's largest bank, has launched Bitcoin (BTC) and Ethereum (ETH) trading services, responding to high demand.
  • Regulatory clarity has been a key factor in Itaú Unibanco's decision to offer crypto trading, with plans in place since July 2022.
  • With 37.72 million crypto users in Brazil as of 2023, Itaú Unibanco aims to differentiate by also offering crypto custody services.
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While Bitcoin (BTC) is trading at its yearly highs, the Brazilian bank Itaú Unibanco launched Bitcoin and Ethereum (ETH) trading services for its clients.

Over the past few years, there has been heavy demand for the exposure of cryptocurrencies by institutions and high-net-worth individuals. Hence, traditional finance has started offering crypto services such as trading, custody solutions, exchange-traded funds (ETFs), and other services.

How Itaú Unibanco Plans to Stand Out, Offering Crypto Services

According to Reuters, Brazil’s largest lender, Itaú Unibanco, will facilitate Bitcoin and Ethereum trading for its clients. Guto Antunes, the digital assets head at Itaú Unibanco, said:

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

In June, BeInCrypto reported that the Central Bank of Brazil will oversee crypto regulations in the country. While the Brazilian Securities and Exchange Commission (CVM) will supervise the crypto assets that come under the criteria of “securities.”

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Indeed, regulatory clarity must have been one of the topmost factors motivating banks to offer crypto trading services for their clients. Not to mention, Itaú Unibanco has been considering plans for crypto trading offerings since July 2022.

Brazil has around 37.72 million crypto users in 2023. Additionally, Statista forecasts that the number of users might grow to 54.46 million by 2027.

Brazil crypto users. Source: Statista
Brazil crypto users. Source: Statista

The screenshot below shows that well-established centralized crypto exchanges have significant market shares in the Brazilian market. But, last month, BeInCrypto reported that the Brazilian Senate approved a 15% maximum tax on cryptocurrency earnings from foreign exchanges.

Companies offering crypto trading services in Brazil.
Companies offering crypto trading services in Brazil. Source: Statista

Nonetheless, there are other local players, such as the crypto exchange Mercado Bitcoin. But Itaú Unibanco plans to stand out by also offering crypto custody services. 

Read more: 7 Best Pro Accounts for Crypto Trading

Do you have anything to say about the Brazilian bank – Itaú Unibanco or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.