Itaú Unibanco, the largest financial institution in Latin America, has introduced crypto trading to all users of its Íon investment platform. This development allows clients to directly buy and sell Bitcoin and Ethereum through the app. The decision to enhance access to crypto trading on Íon was influenced by positive feedback from a core group of clients in weekly surveys conducted by Guto Antunes, the head of Itaú Digital Assets. Antunes highlighted the internal development of security measures for clients' crypto wallets as a strategic choice by Itaú, emphasizing their commitment to fiduciary responsibilities. The bank's collaboration with Liqi is limited to participation and partnership, not custody, as Itaú autonomously handled the entire custody solution.

The exact number of Íon users remains undisclosed, but the app has achieved over 3.5 million downloads on Android and iOS platforms. Antunes expressed surprise at this level of adoption within the crypto space. Despite the overwhelming acceptance, the availability of crypto assets to all users is initially restricted to Bitcoin and Ethereum. Antunes acknowledged the client demand for additional tokens and mentioned that their inclusion is being evaluated contingent upon a comprehensive regulatory risk assessment. Itaú is particularly awaiting clear guidelines from Brazil's central bank regarding stablecoins, without specifying a timeline.

Itaú Unibanco's foray into the crypto market began in late 2023 with services targeting select customers. The bank's strategic goal is to compete with local entities such as crypto exchange MB, BTG Pactual's digital assets unit Mynt, and global players like Binance in the Brazilian market.