Latin America’s largest financial institution, Itaús Unibanco, announced that its clients can now invest in Bitcoin and cryptocurrencies.
Itaús Unibanco: leader in institutional adoption in Latin America
Brazil’s largest bank, Itaús Unibanco, announced in December 2023 that it was opening up to the world of cryptocurrencies. This trajectory is part of the desire to adapt to market laws and attract new customers by offering them opportunities in Bitcoin and Ether.
However, at that time, the bank had emphasized the cautious approach towards these new offerings. His wish was to gradually deploy this service in order to be able to take the full measure of this innovation in the offer to customers.
👉 Discover our guide to buying Bitcoin quickly and easily
Initially, the bank only allowed certain hand-selected customers to engage in the buying and selling of Bitcoin and Ether. The deployment of the service only concerned a portion of the clients registered and meeting the regulatory requirements established on the institution’s specialized investment platform: Ion.
It should also be noted that during this initial phase, the External Bitcoin deposits and withdrawals to personal digital wallets were not available.
Download Bitstack and earn €5 in Bitcoin with code CRYPTOAST5*
* After activating a savings plan and accumulating at least €100 in BTC purchases
Opening up the possibility of trading cryptocurrencies to more than 6 million users
Today, the institution is entering the second phase of deployment of its offer and opening its service to all of its 6 million customers.
This decision follows weekly surveys on customer needs and desires. “ There is no doubt that initial users show strong interest in Bitcoin and other cryptocurrencies services “, said Guto Antunes, THE responsible for Itaú digital assets. In fact, the application has exceeded 3.5 million downloads since its launch.
We are in a generation that is growing up and using banking in a symbolic way.
Still according to Guto Antunes, during the investigation, one point stood out: trust in Itaú’s guard. Indeed, the bank has chosen to build its own custody solution for its customers, rather than using a third-party service.
This shows that for Brazilians, buying and selling through their bank provides them with some accessibility and also allows them to remove barriers to adoption.
👉 In the news – Pro-Bitcoin Salvadoran President Nayib Bukele was sworn in for his second term
If the offer to users remains limited to Bitcoin and Ether assets, it is firstly because of their position in terms of market value, but also because integrating new cryptocurrencies requires “ sound regulatory risk analysis process “.
Nevertheless, one of the major challenges facing Itaús Unibanco is the training of managers in advising clients on this new asset class. To solve this, they deployed an AI chatbot that managers have access to, allowing them to better understand recurring customer questions.
€20 offered when you register on Bitvavo
Source: Valor
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
A lifelong cyber enthusiast, I have nurtured my curiosity and passion over time… should it have been the other way around? A convinced maximalist, I could have been part of the cypherpunks if I had been born a few years earlier. Convinced that information and knowledge are the ultimate weapons of freedom, I brandish my pen like a sword, defending this noble cause with fervor.
