Blogs & Articles: Brazil’s Largest Bank Launches Bitcoin and Crypto Trading for All Customers 🔗 12 weeks ago

According to a recent report, Itaú Unibanco, the largest bank in Brazil and Latin America, has expanded its Bitcoin and cryptocurrency trading services to over 60 million customers.

The bank's investment platform, Ion, now allows users to buy and sell Bitcoin. This service was initially available only to a select group of clients starting in December 2023.

In an interview, Guto Antunes, the head of digital assets at Itaú, stated that this decision was based on weekly surveys, which showed a strong demand for Bitcoin and cryptocurrency services among the initial users.

Although Antunes did not disclose the number of active users, he mentioned that the Ion app has been downloaded over 3.5 million times, indicating significant interest in Bitcoin and cryptocurrency within Brazil.

To enhance security, the bank has developed its own custody solution for clients' wallets, ensuring each user has a separate wallet for asset segregation, rather than relying on third-party services.

As Brazil's largest bank, Itaú's decision to provide Bitcoin access is expected to influence mainstream adoption. With Bitcoin's growing popularity in Brazil, the bank aims to facilitate customers' entry into this asset class.