Itaú Unibanco has introduced cryptocurrency trading to all users of its Íon investment platform, enabling clients to directly purchase and sell Bitcoin and Ethereum through the app.
The largest financial institution in Latin America, Itaú Unibanco, has broadened the accessibility of crypto trading on its investment platform Íon, offering Bitcoin (BTC) and Ethereum (ETH) to all users who install the app.
In an exclusive interview with Brazilian newspaper Valor Econômico, Guto Antunes, the head of Itaú Digital Assets, disclosed that the bank’s decision was based on weekly feedback from an initial group of clients, indicating strong interest in crypto-related products. Antunes highlighted Itaú’s choice to internally develop security measures for clients’ crypto wallets instead of outsourcing them.
Although the bank did not reveal the exact number of Íon users, the report mentioned that the app has exceeded 3.5 million downloads on both Android and iOS devices, a figure that Antunes described as “significant within the crypto industry and unexpectedly high.”
Despite the positive response, the availability of cryptocurrencies to all users will initially be limited to BTC and ETH. Antunes acknowledged that clients are requesting more tokens, which are being considered pending a thorough assessment of regulatory risks. Regarding stablecoins, Antunes mentioned that Itaú is awaiting clear guidelines from Brazil’s central bank without providing a specific timeline.
Itaú Unibanco made its initial foray into the crypto market in late 2023, introducing services to a select group of customers. The bank’s goal is to compete with local entities such as crypto exchange MB, BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market.
For more information, read: Brazil to implement new tax on foreign crypto earnings in 2024.