Itaú Asset Management, Brazil's largest private asset manager, has announced the launch of a new division focused on cryptocurrency. This decision highlights the bank's growing interest in digital assets.
Launch of New Division
Itaú Asset Management, which manages nearly $200 billion in assets, is launching its first-ever division focused on cryptocurrencies. The new division will be led by João Marco Braga da Cunha, who previously worked at Hashdex.
Clients Can Now Trade Cryptocurrency
In December 2024, Itaú Unibanco allowed all its clients to trade Bitcoin (BTC) and Ethereum (ETH) directly through the bank's main app. This move was made in response to 'very large demand' from clients. The bank has created its own custody mechanism to ensure asset safety.
Market Implications and Importance
The launch of the new cryptocurrency division at Itaú is a significant step towards legitimizing the digital currency market in Latin America. This initiative not only offers passive investment products but also sets up a framework for more active participation in the cryptocurrency ecosystem.
Itaú Asset Management's new cryptocurrency division opens opportunities to attract both new and institutional investors by offering simple trading conditions for retail clients.
