Joining other local companies in the digital asset exchange industry, Brazil’s biggest lender, Itau Unibanco (ITUB4.SA), joined the ranks on Monday, December 4, by introducing a cryptocurrency trading option for customers on its investing platform.
As a first offering, Itau will make it easier to trade the two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). But in an interview with Reuters on December 4, the bank’s Head of Digital Assets, Guto Antunes, said that they want to add more cryptocurrencies down the road.
As a result of this move, Itau will be able to compete in the Brazilian market with established companies like Binance and local competitors like MB, the digital assets subsidiary of investment bank BTG Pactual.
Cryptocurrency and digital assets are becoming more popular in many industries, not just Brazil’s financial system. Incorporating blockchain technology into its operations, HSBC Holdings stands out among the many banks across the globe that have recently embraced this trend.
Commerzbank is just one of several European banks that are investigating the cryptocurrency market in response to customer demand. As of July, the first license was granted under France’s new cryptocurrency legislation to Societe Generale SA’s blockchain subsidiary. Additionally, DZ Bank AG, a cooperative lender in Germany, has just announced its intentions to establish a platform for the storage of digital assets.
Following suit, a North American bank, JPMorgan Chase & Co. (JPM), has introduced a new tool that allows businesses to complete their transactions instantaneously by using one of the most famous blockchain technologies in contemporary banking.
With the announcement of Robinhood’s decision to expand its services to traders in the EU and UK, the firm is increasing its growth efforts and venturing into new territory outside traditional financial institutions.
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