One of the largest banks in Brazil, Itaú Unibanco, has launched a crypto trading service for its customers, making it a major financial company in the country to enter the cryptocurrency market.
According to the report from Reuters, Itaú Unibanco has enabled Bitcoin (BTC) as well as Ether (ETH) trading services as of December 1, while it aims to add other crypto assets in the coming time.
“It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” said Guto Antunes, the Digital Asset Head at Itaú Unibanco. He further said that adding more crypto assets and expanding services will depend on crypto regulation in the country over time.
With the launch of its crypto trading service, Itaú Unibanco has entered into market competition with another investment bank, BTG Pactual – which provides crypto services through its unit Mynt – and local crypto exchanges, including MB.
The news comes within days after Brazil announced plans to impose a 15% tax on crypto earnings held on international crypto exchanges. The bill is awaiting the president’s approval, which could become effective as soon as January 1, 2024.
