Key Points
- Itaú Unibanco, a Brazilian bank, has introduced cryptocurrency trading on its Ion platform.
- The bank’s customers can now trade Bitcoin and Ethereum directly through the app.
Itaú Unibanco Holding S.A has broadened its cryptocurrency services by launching a new trading feature on its Ion investment platform. This expansion is in response to the increasing demand for digital asset diversification from investors.
The bank will allow its registered customers to actively trade crypto assets directly through the Ion app. To start with, Itaú Unibanco customers will have access to two crypto assets, Bitcoin and Ethereum.
Itaú Unibanco’s Cryptocurrency Services
This long-established Brazilian bank, which was founded in 1924 and has managed to accumulate over $526 billion in total assets, will hold the customers’ digital assets through its in-house custody services. The initial rollout phase of the crypto trading services involved customers registered on the Ion app with a minimum investment value set at R$10. Itaú Unibanco has set a transaction fee of about 2.5 percent, which will be charged at the time of purchase.
Itaú Unibanco also launched the Superapp, which will be accessible to novice cryptocurrency traders. The company’s Ion app will be mainly tailored for cryptocurrency traders with basic knowledge about the web3 industry.
Itaú Unibanco’s Market Outlook
The Brazilian bank has been evolving along with the financial market through the adoption of digital assets and blockchain technology. Since the launch of its crypto trading platform in 2023, the bank has registered a volume monthly spike of about 300 percent. Furthermore, Itaú Unibanco has seen its new crypto customers increase by over 30 percent in the last month, heavily bolstered by the ongoing bullish outlook.
João Araújo, Director of Business, Platforms and Digital Experiences at Itaú Unibanco, stated, “It is our attentive attention, every day, to the needs and demands of our customers, that allows us to be very assertive in providing new solutions. We tested the trading of crypto assets on a smaller scale, we had significant adoption from our customers and now we are ready to offer this modality to all customers, with all the simplicity of the superapp and the security of Itaú.”
The rate of Itaú’s cryptocurrency adoption will heavily depend on the country’s regulations. Additionally, the bank is keen on the heightened risks of cryptocurrency adoption, including the possibility of system attacks to drain user funds as observed in the past.
