Itaú Asset Management, Brazil’s largest private asset manager with almost US$200 billion in assets under management, has started its first section that focuses on cryptocurrency. The new business will be overseen by João Marco Braga da Cunha, who used to work at Hashdex. This shows that the banking giant is getting more involved in the digital asset market.
In December 2024, the bank Itaú Unibanco decided to let all of its clients trade Bitcoin (BTC) and ether (ETH) directly through the bank’s primary app. This project comes after that decision. CNN Brasil says that the offer was made in response to “very large demand” from clients.
The bank created its own custody mechanism to keep the assets safe. João Araújo, Itaú’s Director of Business, Platforms, and Digital Experiences, said that a lot of people used the service during a test period, which helped them decide to provide it more widely.
The asset manager’s new crypto division will operate within Itaú’s multi-desk investment structure, which already oversees around US$23.4 billion in assets. The company had already been offering products with exposure to cryptoassets, such as the BITI11 ETF and a pension fund, which together amount to approximately US$170 million in assets. The hiring of Cunha, a sector specialist, was first reported by Brazil Journal, highlighting the bank’s intention to build strong in-house expertise.
Brazil’s largest asset manager starting a separate crypto division is a big step toward making the digital currency market in Latin America more legitimate. The move does more than just offer passive investment products; it sets up a system for more active and complex involvement in the crypto ecosystem.
Itaú is setting itself up to attract both new and institutional investors by offering a simple retail option with a minimum investment of just US$2, only putting pressure on the sector, but act as a pioneer in the country.
Also Read: Brazil’s Parliament Eyes Bitcoin Strategic Reserve
