Markets

Brazil’s largest bank Itau Unibanco launches Bitcoin trading — Report


Brazilian bank Itau Unibanco has launched a cryptocurrency trading service for its clients as part of its investment platform, Reuters reported on Dec. 4.

Itau, the largest bank by assets in Brazil and one of the leading lenders in Latin America, is debuting crypto trading with Bitcoin (BTC) and Ether (ETH), digital asset head Guto Antunes reportedly said. In the future, the bank plans to add more cryptocurrencies for trading, he noted.

“It starts with Bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” Antunes stated, adding expansion would depend on regulatory developments.

The move reportedly comes about a month after two local players announced they were leaving the crypto market. According to Reuters, brokerage and investment company XP recently shut down its crypto services without citing its reasons. The financial services firm PicPay, owned by conglomerate J&F, which also controls meatpacker JBS, cited regulatory uncertainties.

Itau Unibanco didn’t immediately respond to Cointelegraph’s request to comment.

This is a developing story, and further information will be added as it becomes available.