Itau Unibanco, the largest bank in Brazil, has started the crypto trading feature for all its users after a successful pilot program that tested the service with a few users in December 2023.
In December 2023, Brazil’s largest bank, Itau Unibanco, started a pilot crypto trading feature, underlining its potential. Initially, the program was meant for a few users to test its applicability. After a successful run, the bank has expanded the crypto trading service for all its users, amounting to around 60 million.
Users of the bank can now trade Bitcoin and Ethereum through its trading platform. A leading daily in Brazil has reported the development. A senior representative from the bank said their initial pilot received a very good response from participants. Further, he revealed the bank had internally developed security solutions for users’ wallets instead of outsourcing it. He noted they had developed the entire custody solution for the crypto trading feature.
The bank’s app, which will facilitate the service, has already surpassed millions of downloads in app stores. Moreover, the representative stated their users had demanded more tokens for trading, but they would stick to BTC and ETH for now. Besides, launching more tokens and stablecoins on their platform would need regulatory clearance.
Itau Unibanco entering the domain of crypto bodes well for all industry stakeholders in Brazil. Firstly, crypto adoption would receive a huge boost from the program. Since the bank is the largest in Brazil, the feature will reach millions of users. Secondly, it will promote a new culture of acceptance and innovation in crypto if it becomes a nationwide successful program.
Financial services firms across the globe have entered the crypto industry, noting its potential. On the other hand, Brazil has also implemented other crypto-friendly initiatives.
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