Itaú Unibanco, Brazil and Latin America’s greatest financial institution has opened Bitcoin and crypto buying and selling, as per experiences.
The financial institution’s funding app, Ion, now permits customers to purchase and promote Bitcoin and Ethereum after initially providing crypto buying and selling to solely choose purchasers in December 2023.
In an interview, Itaú digital belongings head Guto Antunes mentioned the transfer adopted weekly surveys, with preliminary customers displaying robust demand for Bitcoin and crypto providers.
Whereas not disclosing consumer numbers, Antunes mentioned the Ion app has surpassed 3.5 million downloads, which is critical curiosity for Bitcoin and crypto in Brazil.
The financial institution opted to construct its custody resolution for purchasers’ wallets somewhat than utilizing third events. Every consumer will get a separate pockets to make sure asset segregation.
As Brazil’s largest financial institution with intensive attain, opening Bitcoin entry will increase mainstream adoption. With Bitcoin’s reputation in Brazil, the financial institution goals to be their most popular gateway into this new asset class.
The embrace of Bitcoin and crypto by a conservatively regulated establishment like Itaú additionally additional validates Bitcoin as an investable innovation that’s right here to remain. Extra banks within the area could comply with swimsuit.
For bitcoiners in Brazil, shopping for and promoting via their current financial institution supplies accessibility and removes adoption hurdles. Itaú opening the floodgates marks a milestone in Bitcoin’s monetary mainstreaming in a serious Latin American economic system.