Itaú Unibanco Launches Cryptocurrency Trading for Over 50 Million Customers
Itaú Unibanco Holding S.A (Brazil: ITUB3) has entered the cryptocurrency market, driven by increasing investor demand for digital asset diversification. The bank will offer cryptocurrency trading services through its Ion app, allowing registered customers to buy and sell digital assets using their existing accounts.
Initially, Itaú Unibanco customers can trade two cryptocurrencies: Bitcoin and Ethereum. Founded in 1924, the bank manages over $526 billion in total assets and will utilize in-house custody services to hold customers’ digital assets.
Cláudio Sanches, director of Products and Solutions for investors at Itaú Unibanco, stated that the introduction of digital assets in the Ion app aligns with the bank's strategic agenda and enhances investment opportunities for customers. The initial rollout allows customers to invest a minimum of R$10, with a transaction fee of approximately 2.5 percent charged at the time of purchase.
Itaú Unibanco also launched a Superapp aimed at novice cryptocurrency traders, while the Ion app is designed for users with basic knowledge of the Web3 industry.
Itaú Unibanco’s Cryptocurrency Market Outlook
The bank has adapted to the financial market by embracing digital assets and blockchain technology. Since launching its crypto trading platform in 2023, Itaú Unibanco reported a monthly trading volume increase of approximately 300 percent.
The number of new crypto customers has risen by over 30 percent in the last month, fueled by a positive market outlook. João Araújo, Director of Business, Platforms and Digital Experiences at Itaú Unibanco, emphasized that understanding customer needs enables the bank to provide effective solutions. Following successful smaller-scale testing, the bank is now prepared to extend these services to all customers, ensuring simplicity and security.
Future adoption rates of cryptocurrencies by Itaú Unibanco will depend on local regulations. The bank remains aware of the risks associated with cryptocurrency adoption, including potential system attacks that could compromise user funds.