Itau Unibanco, the largest private bank located in Brazil, recently announced that it will introduce a new service dedicated to Bitcoin and other cryptocurrency trading.
Let’s see below all the details and what this news will involve.
Summary
News from Brazil’s leading private bank: Bitcoin trading coming soon
As anticipated, today Itau Unibanco, the main Brazilian private bank, has launched a cryptocurrency trading service for clients of its investment platform.
We see that this important national financial institution is thus joining the local actors entering the market of digital asset exchange.
Initially, the new Itau service will allow Bitcoin trading, the most widespread cryptocurrency, and Ethereum.
However, the head of digital assets, Guto Antunes, stated in an interview that the long-term goal is to add other cryptocurrencies, with the expansion depending on the evolution of local regulations regarding them.
This strategic move puts Itau in competition in the Brazilian market with local players such as the cryptocurrency exchange MB and the digital asset unit Mynt of the investment bank BTG Pactual, as well as global giants like Binance.
Itau emphasizes that it will stand out from its competitors as it will also act as a custodian, ensuring the security of users’ assets, as highlighted by Antunes.
In addition, this initiative comes about a month after the exit from the cryptocurrency market of two local actors.
XP, a brokerage and investment company, has announced the closure of its cryptocurrency service, while PicPay, a financial services owned by the conglomerate J&F, has cited regulatory uncertainties as the reason for the decision.
More news on crypto trading, Raiffeisen Bank also announces its launch by January 2024
Recently, even the Raiffeisen Bank, listed on the Vienna Stock Exchange, has planned the introduction of cryptocurrency trading services for its customers by the end of January 2024, through a partnership with Bitpanda.
The initiative will initially focus on customers in Vienna, representing an innovative step in the provision of digital financial services in the region.
In an interview with Curt Chadha, Chief Innovation Officer of the bank, it emerged that the cryptocurrency trading application will be designed with an intuitive user interface, similar to traditional bank transfers.
This design aims to make the experience of trading digital assets accessible and user-friendly.
Chadha also emphasized that the goal of Raiffeisen Bank is to reach not only wealthy clients, but also those who are familiar with technology and wish to make small investments.
This diversified approach, not by chance, aligns with the desire to make cryptocurrency trading accessible to a wider audience.
The innovative initiatives of Raiffeisen Bank, especially in regions where regulations on cryptocurrencies are becoming clearer, demonstrate a growing interest and adoption of services related to digital assets by traditional financial institutions.
The regulation of cryptocurrencies in Europe: some implications
As we know, Europe is at the center of efforts to establish a robust regulatory framework for the regulation of cryptocurrencies, a significant support for Raiffeisen Bank’s strategy and beyond.
This year, the European Council introduced the legal framework called “Markets in Crypto Assets” (MiCA), representing the first comprehensive approach to the regulation of cryptocurrencies.
At the same time, the International Organization of Securities Commissions (IOSCO) has presented long-awaited policy proposals to regulate the cryptocurrency and digital asset (CDA) markets.
Specifically, addressing crucial issues such as investor protection and risks to market integrity. Canada has followed a similar path, seeking feedback from banks on reporting rules for exposure to cryptocurrencies.
In conclusion, with the increasing security and regulation in customer protection in the cryptocurrency markets in various regions, it becomes inevitable that traditional institutions like the ones mentioned above adopt significant measures towards integration into the cryptocurrency ecosystem.
