Itau Unibanco Rolls Out Bitcoin and Ethereum Trading Services

Brazil’s leading bank, Itau Unibanco, marked its entry into the cryptocurrency sector by launching a trading platform for Bitcoin (BTC) and Ethereum (ETH) on Monday, December 4. The move places the bank among the forefront of local financial institutions venturing into digital asset exchanges.

Guto Antunes, Head of Digital Assets at Itau, shared with Reuters on December 4 that while the service currently supports the two major cryptocurrencies, plans are afoot to diversify into more digital assets. “It starts with Bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” Antunes said, noting that any expansion would be contingent on the evolving regulatory landscape in Brazil.

Itau Unibanco’s foray into the digital currency market sets it up for competition with local crypto exchanges like MB and Mynt, BTG Pactual’s digital assets unit, as well as global entities such as Binance.

Global banks embracing cryptocurrencies

This venture is part of a broader trend of traditional banks integrating cryptocurrencies into their offerings. HSBC Holdings, for instance, has embraced blockchain technology in its operations. In Europe, Commerzbank and other banks are responding to client interest in cryptocurrencies. Societe Generale SA’s blockchain unit recently obtained a pioneering license under France’s new crypto regulations, while DZ Bank AG of Germany is preparing to launch a digital asset custody platform.

In North America, JPMorgan Chase & Co is advancing blockchain application in banking, introducing instant transaction execution for companies.

The trend is not limited to traditional banks. Robinhood, the popular trading platform, is expanding its reach to European markets, catering to traders in the EU and UK. This expansion underscores the growing global interest and adoption of cryptocurrencies and blockchain technology across various sectors of the financial industry.