Itaú Unibanco has announced that it is now offering cryptocurrency trading to all users of its investment platform, Íon, enabling clients to purchase and sell Bitcoin and Ethereum directly through the app.
As the largest financial institution in Latin America, Itaú Unibanco has broadened access to crypto trading on its Íon platform, giving users the opportunity to trade Bitcoin (BTC) and Ethereum (ETH) by downloading the app.
In an interview with Brazilian newspaper Valor Econômico, Guto Antunes, the head of Itaú Digital Assets, shared that the bank’s decision came after conducting weekly surveys with an initial group of clients, who expressed strong interest in crypto-related products. Antunes highlighted that Itaú chose to internally develop security measures for clients’ crypto wallets instead of outsourcing this task.
Although the exact number of Íon users was not disclosed by the bank, reports indicate that the app has exceeded 3.5 million downloads on Android and iOS devices, a figure that Antunes deemed “significant for the crypto industry and pleasantly surprising.”
Despite the positive response, the availability of trading to all users will initially be limited to BTC and ETH. Antunes mentioned that clients have requested access to other cryptocurrencies, but decisions on additional tokens are pending a thorough evaluation of regulatory risks. When it comes to stablecoins, Itaú is waiting for clear guidelines from Brazil’s central bank, although a specific timeline was not provided.
Itaú Unibanco initially entered the crypto market in late 2023, offering services to a select group of customers. The bank is aiming to compete with local players like MB crypto exchange, BTG Pactual’s Mynt digital assets division, as well as global giants such as Binance in the Brazilian market.
For more information, Brazil is set to introduce a new tax on foreign crypto earnings in 2024.