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Itau Unibanco launched its Bitcoin (BTC) and Ether (ETH) trading services in Brazil. The Brazilian bank ultimately made its mark in the crypto space in the country with its new offerings for the locals who are into cryptocurrency.
CoinTelegraph reported that Itau Unibanco is the largest bank in the region based on assets and is considered one of the leading lenders in Latin America. It is now expanding its services further to add crypto trading with BTC and ETH, so it is likely to attract new customers and take the lead in this side of business in Brazil.
Future Plans for Cryptocurrency Business
José Augusto de A. Antunes Filho, the head of digital assets at Itau Unibanco, reportedly said that they also have plans to add more cryptocurrencies in the future and expand the crypto trading offerings. The bank will provide good service to users by combining innovation and security and complying with all the necessary regulations.
Moreover, the Brazilian bank is introducing a crypto trading service for its clients as part of its investment program. As it rolls out the new offering, the bank will serve as the cryptocurrency custodian for the crypto trading service. This means that Itau Unibanco will securely store crypto assets for its customers.
Then again, Antunes said that initially, bank customers would not be able to deposit and withdraw crypto assets using external crypto wallets. “The most important thing is that when you keep your money in the bank account, you will have the guarantee of Itau’s balance sheet as security for the amounts invested,” he said.
Initial Focus of Itau Unibanco’s Crypto Services
According to CoinGape, as the bank just debuted the service, it will focus on a few services first, and these are crypto trading for Bitcoin and Ether, which are two of the most well-known digital currencies. More services related to blockchain are set to be added later.
Aside from crypto trading, Itau Unibanco will also venture into custodian to keep the customers’ digital assets safe. Finally, these offerings make the bank better than the other players in the market.
