Brazil’s largest bank opens Bitcoin and Ethereum trading

The Brazilian bank Itau Unibanco has launched a cryptocurrency trading service for its customers, Reuters reports.

Initially the financial institution will allow operations with Bitcoin and Ethereum. Over time the company will broaden the list of supported coins.

“It all starts with Bitcoin, but our comprehensive strategic plan is to extend it in the future to other crypto assets,” said Guto Antunes, a bank spokesperson.

According to him, the expansion of the range of supported digital currencies will depend on changes to the regulatory environment in the country.

Antunes emphasised that the bank will also act as custodian, taking responsibility for users’ funds.

In December 2022 the Brazilian authorities recognized bitcoin as a payment method and an investment asset.

In February the oldest bank in the country allowed paying taxes with cryptocurrency.

In April the financial institution BTG Pactual presented the dollar-denominated BTG Dol on the Polygon network.