Brazilian bank Itau launches Bitcoin trade services

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Itau Unibanco jumped into the crypto business amid the surging popularity of Bitcoin ahead of the Bitcoin bull rally. 

Banco Itaú Unibanco S.A. is a Brazilian banking institution, as well as the largest in Latin America. In 2008, this lender was formed through the merger of Banco Itaú and Unibanco. The bank is listed on the B3 in São Paulo and on the NYSE in New York.

On 4 Dec 2023, Reuters reported that Itau Unibanco bank launched its Bitcoin & Ethereum trading platform for the clients. 

Perhaps the Bank’s crypto trading is limited to two top crypto assets but in the future, it will add other crypto assets to its list so that customers can get better exposure of this innovative sector.

Guto Antunes, the digital head at the Itau bank, said that the Bank rolled out its crypto business with Bitcoin but it has a full strategy to expand to other crypto assets in the future.

It is worth it to note that two months back, two local players winded down their crypto business. Namely these were brokerage & investment company XP and financial services firm PicPay which closed their crypto business because of the increasing regulatory pressure.

Just a week ago, US-based San Francisco headquartered bank SoFi Technologies also decided to shut down the crypto business. SoFi informed the clients on this matter through e-mail and confirmed that it will terminate its crypto trading services by mid of Dec 2023. 

SoFi’s decision to wind down the crypto business was directly linked with the regulatory pressure from the US banking regulators.

All such types of development show a clear picture that almost all the traditional financial service providers know very well that the Crypto sector has better potential and also they are happy to get into this sector but they are not getting favor from the corresponding regulatory bodies.

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