The Largest Bank in Brazil Will Offer Cryptocurrency Trading Services

The biggest bank in Brazil, Itau Unibanco, is going to start offering cryptocurrency trading services

Pro-crypto Itau Unibanco Holding SA, the biggest private lender in Latin America, intends to allow the purchasing and selling of cryptocurrencies to its retail customers in the not-too-distant future. This development has brought Brazil back into the spotlight. After this, on Thursday, the bank made the announcement that it will be launching a new token trading platform.

Vanessa Fernandes, who is the chief executive of Itau’s digital assets division, was quoted by Reuters as saying that the bank is exploring introducing the capability of cryptocurrency trading. However, she did not provide any information on the timetable for the introduction of this platform.

This is not the first time that a bank in the country has started to provide cryptocurrency trading services. At the beginning of this year, the digital banking platform behemoth Nubank, which is located in Brazil, made an announcement about exclusive cooperation with the blockchain infrastructure platform Paxos. As a result of the collaboration, the financial institution has indicated that it would provide services for purchasing, holding, and selling cryptocurrencies.

Crypto Adoption in Brazil

Judging by the most recent information, the adoption of cryptocurrencies in Brazil seems to be proceeding quite well, particularly in the last week. First, the city of Rio de Janeiro announced its goal to become the cryptocurrency ecosystem for the whole nation after confirming its intentions to include blockchain technology and cryptocurrencies into the city’s infrastructure.

Following that, the Brazilian online payment platform PicPay, which is comparable to PayPal and Cash App, introduced cryptocurrency trading to its user base of 65 million people. Itau Unibanco, an additional significant banking institution in Brazil, is now considering doing the same thing.

The Brazilian government, on the other hand, has determined that it has no intention of storing any crypto assets since all payments will be converted to Brazilian reals immediately.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of TheCryptoArea. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.