Brazil’s largest bank announced it would open a cryptocurrency trading service, initially including Bitcoin and ETH.
Brazil’s biggest bank allows Bitcoin and ether trading
🚀 Breaking News: Brazil’s billion-dollar banking giant and biggest bank Itau Unibanco is diving into #Bitcoin and #Ethereum! 🇧🇷
They’re launching a crypto trading service for users, starting with #BTC and #ETHand soon expanding to #Ripple‘s #XRP and more! 💰📈 pic.twitter.com/XV4WM7sbLJ
— Collin Brown (@CollinBrownXRP) December 4, 2023
As initially announced by Reuters magazine, the Brazilian bank Itau Unibanco announced this December 4 the opening of cryptocurrency trading services. It is good to remember that Itau bank is the largest bank in the country. It is in this context that cryptocurrency in Brazil could be adopted even more quickly.
Initially, customers of the Brazilian bank will be able to exchange and buy Bitcoin and ETH. However, according to Guto Antunesthe head of digital assets at Itau, other cryptocurrencies should become available later.
“It starts with Bitcoin, but our overall strategic plan is to expand to other crypto assets in the future“ he declares.
Brazil is making a strong comeback in crypto?
With Ripple Payments, Brazil’s Travelex Bank can offer more affordable payment methods and deliver near-instant settlements to streamline global payment management while providing 24/7/365 access to liquidity. 🌎
Get started with Ripple Payments: https://t.co/Jeb5K0tpoc pic.twitter.com/28GrarlP7Q
— Ripple (@Ripple) November 27, 2023
One of the cryptocurrencies that could be introduced right after BTC and ETH could be crypto Ripple XRP. Indeed, Ripple had notably signed a partnership in 2022 with the Brazilian bank Travelex Bankto launch their tool Ripple Payments.
While the largest crypto exchange in Brazil, Bitcoin Marketobtained a license this summer, Itau intends to stand out from its competitors by offering secure custody, according to Antunes.
“This is a milestone event and an important initiative for a traditional banking institution, Itau follows new financial entities like Nubank and BTG Pactual, both of which have integrated Bitcoin for their customer base. “adds Antunes.
Despite everything, other players have recently left the crypto industry. Indeed, one of the largest crypto brokers in Brazil (XP) announced to stop its crypto serviceslast October.
If the reasons are unknown, the company PicPay she had mentioned a “regulatory uncertainty”. As a reminder, PicPay had announced the opening of their crypto trading service in summer 2022.
Despite the fact that regulatory uncertainty is indeed a hindrance to the adoption and development of the industry, the fact is that Brazil’s largest bank is finally entering the world of cryptocurrencies.
Source: Cointelegraph