Itau Unibanco, Brazil’s largest bank, is now offering crypto trading services to its vast user base of over 60 million. After successfully testing this feature with a select group of users and receiving positive feedback, the bank has decided to make crypto trading accessible to all its clients.
High acceptance rate within the initial trial
Guto Antunes, head of Itaú Digital Assets, revealed that the initial trial phase saw high acceptance rates among users. Weekly surveys conducted during the trials confirmed strong interest in the service. “The entire custody solution was designed and implemented within Itaú with our fiduciary duty in mind,” said Antunes. This solution is available as a separate app, which has already seen over 3.5 million downloads on Android and iOS devices.
The reach of Brazil crypto market
The global crypto market is currently valued at approximately $2.45 trillion (around Rs. 20,475 crore), with over 2.4 million cryptocurrencies in circulation, according to CoinMarketCap. In Brazil, the crypto user base is projected to reach 11 million by 2024, given the current growth rate of 186 percent from January to July 2023, as reported by Binance. Additionally, Statista projects Brazil’s crypto market could be valued at $1,094 million (roughly Rs. 9,141 crore) by the end of 2024.
Strategic Timing and Future Plans on crypto trading
These growth statistics likely influenced Itau Unibanco’s decision to expand its crypto trading services. Brazil, currently serving as the President of the G20 group of nations, is actively collaborating with global financial regulators to develop comprehensive laws for the crypto and Web3 sectors. The country is expected to unveil the second phase of its crypto regulations by the end of 2024.
The interest and growth on crypto trading : conclusion
Itau Unibanco’s move to open crypto trading to its extensive user base underscores the growing interest and acceptance of digital currencies in Brazil. As the crypto market continues to expand, this initiative positions the bank at the forefront of financial innovation, offering its users new avenues for investment and financial management.
