Cryptocurrency: This large bank launches cryptocurrency market in Brazil

The Brazilian Financial Group of ITAU Unibanco has announced the creation of a new cryptocurrency unit as part of its asset management unit of ITAú Asset Management. This initiative is an important step in the expansion of the banking group into the cryptocurrency market.

The key points of this article:

• Itaú Unibanco has created a unit specializing in cryptocurrencies in the asset management.
• This initiative has become a key step in expanding the ITAU to the cryptocurrency market.

New crypto unit in Itaue The new unit will head Joao Marco Braga da kunya former Hashdex leader, and he integrates into a multidisciplinary investment structure ITAU. This system that manages over 117 billion reals (about $ 21.6 billion), distributed to 15 trading departments, already includes teams specializing in stocks, loans and systematic strategies.

The creation of this unit aims to expand the offer of digital assets ITAú. The Bank already offers several options for investing in cryptocurrency, including Bitcoin ETF (Biti11), which will be launched in 2022, the BTC pension plan and the ITAKOIN index fund. The total amount of assets under the management of these products is approximately 850 million realities ($ 152 million).

Last June, ITAEL also began to offer direct cryptocurrency trade through its mobile application, and the initial offer included Bitcoin (BTC) and Ethereum (ETH). The Bank has stored the cryptocurrencies of its customers since 2023.

A variety of products The new unit is expected to launch a wide range of products from fixed income tools to more risky funds related to cryptocurrency derivatives. Such diversification will allow to meet the increasing demand of investors for investment decisions adapted to different risk profiles.

According to Zhoo Marko Braga Da Kunya, who is quoted by Livecoins, ITAU plans to launch new products in the coming months, depending on market development and regulatory standards.

“We want to offer our customers diversified access to digital assets while providing safety and transparency.”

Itau: Brazil’s cryptode bank With this new ITAU unit, it strengthens its leadership positions in the Brazilian cryptocurrency market. The Bank, which is the largest private asset in the country, continues to use increasing enthusiasm for digital assets both at national and international level.

This announcement appeared on the background of the rapid introduction of cryptocurrencies in Brazil, which is supported by an increasingly favorable regulatory framework and constant inflation, which encourages investors to look for alternatives to traditional assets.

Brazil is really a country where cryptocurrency is very popular and where initiatives are multiplied. Only a few days ago, USDC steiblcoin announced its deployment on the PIX network, a local instant payment network.

Source: Journalducoin.com