Itaú Unibanco, one of Brazil’s biggest banks, is a prominent financial company that has entered the cryptocurrency market by launching a crypto trading service for its customers.
Itaú Unibanco has reportedly permitted the trading of Bitcoin (BTC) and Ether (ETH) as of December 1, with plans to add other cryptocurrency assets in the near future, according to a report from Reuters.
Itaú Unibanco’s Digital Asset Head, Guto Antunes, stated, “It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future.” He went on to say that future service expansion and the addition of more cryptocurrency assets will depend on the nation’s eventual cryptocurrency laws.
With the introduction of its cryptocurrency trading service, Itaú Unibanco is now in direct rivalry with local cryptocurrency exchanges like MB and another investment bank, BTG Pactual, which offers cryptocurrency services through its business Mynt.
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