Brazil's largest bank, Itau Unibanco, has fully launched its bitcoin and Ethereum trading services for all clients through its Ion investment platform. This strategic move positions Itau as Latin America's most crypto-accessible traditional bank, serving 60 million customers with $442.3 billion in assets.
How Itau's Cryptocurrency Services Work
Clients can now:
- Download the Ion investment app
- Access regulated BTC/ETH trading
- Utilize Itau's proprietary custodial wallet system
The bank has processed 3.5 million mobile downloads of its Ion platform since initial testing began in December 2023.
Institutional-Grade Crypto Custody Solution
Itau developed an in-house digital asset custody system that:
✔ Creates individual wallets for each client
✔ Meets potential central bank segregation requirements
✔ Maintains full control without third-party dependencies
"Client trust in our crypto custody solution has exceeded expectations," noted Guto Antunes, Itau's Head of Digital Assets.
Future Expansion Plans
While currently offering only BTC and ETH, Itau is:
✅ Evaluating additional cryptocurrencies
✅ Monitoring Brazil's stablecoin regulations
✅ Developing tokenization services launched in 2022
"Blockchain technology represents the next infrastructure layer for banking systems," Antunes stated regarding Itau's long-term digital asset strategy.
Market Impact
This expansion:
• Provides mainstream crypto access to Latin America's largest bank customer base
• Strengthens institutional adoption in emerging markets
• Demonstrates growing regulatory clarity in Brazil
👉 Discover how major banks are embracing cryptocurrency
Frequently Asked Questions
How does Itau's crypto service differ from exchanges?
It offers bank-integrated trading with traditional finance security measures and regulatory compliance.
What are the transaction limits?
Limits vary by client tier, with higher volumes available for premium account holders.
Will Itau add staking or DeFi services?
Currently focused on spot trading only, but exploring yield-bearing products pending regulatory approval.
How does taxation work?
All transactions comply with Brazil's 15% capital gains tax on cryptocurrency profits.
Is cold storage available?
Yes, Itau uses institutional cold wallet solutions for asset protection.
👉 Learn about secure crypto banking solutions
Industry Implications
Traditional banks entering crypto:
- Legitimize digital assets for conservative investors
- Create new revenue streams in competitive markets
- Accelerate regulatory frameworks worldwide
This development follows Blackrock's Brazilian Bitcoin ETF launch and reflects growing Latin American crypto demand, where USDT dominates 80% of transactions.