Brazilian bank customers now able to trade crypto

It is widely recognized as the largest bank in Brazil, Itaú Unibanco, which has recently made the announcement that it will be opening cryptocurrency trading services to its sixty million registered customers.

Following the successful completion of a trial period, Itaú Unibanco has initiated this step.

In order to determine whether or not customers were interested in the service, the bank conducted a trial period before committing to a widespread rollout. A limited number of customers were given access to the bank's cryptocurrency services while the trial was in progress.

For the purpose of monitoring the participants' feelings, the bank had carried out surveys on a weekly basis with the trial applicants.

Moroever, the trial received an overwhelming amount of positive feedback, which resulted in the bank providing cryptocurrency trading services to all of its customers in their entirety.

During a recent interview, Guto Antunes, who holds the position of Head of Digital Assets at Itaú Unibanco, expressed that the degree of acceptance for the cryptocurrency trading service was extremely favorable.

In the same interview, Antunes expressed that the entire custody solution was designed and implemented within Itaú with the intention of fulfilling our fiduciary duty from the beginning.

A separate mobile application in addition to the native mobile application of the bank has been released alongside the crypto services product. It has been reported by Antunes that the new application has already been downloaded on more than 3.5 million devices, including those running iOS and Android.

Crypto in Brazil and its mass adoption

In a post that was published on Binance Square in December 2023, it was stated that the number of cryptocurrency users in Brazil is anticipated to increase to 11 million in the year 2024.

It is highly likely that the decision of Itau Unibanco to open cryptocurrency trading services to its extensive user base was influenced by these figures, which indicate that the cryptocurrency industry in Brazil is experiencing a massive upward trend.

Over the past few days, Brazil has assumed the role of President of the G20 organisation of nations. The previous president of India was succeeded by it in December of 2023. As part of its participation in the presidency, the nation has disclosed its intention to work together with international financial regulators.

The cryptocurrency industry is going to be regulated with the help of a set of laws that are going to be created. It is anticipated that the nation will make the announcement of the second stage of its new crypto rules by the fall of 2024.

Furthermore, the introduction of crypto trading services by Itaú Unibanco has sparked immense curiosity and anticipation among its extensive clientele, leading to a surge in demand for an expanded range of digital assets.

With the expectation that this market will continue to flourish, the bank is currently engaged in securing regulatory clearance to introduce stablecoin operations as part of their crypto trading platform.

As a leading financial institution in Brazil with over 60 million customers, Itaú Unibanco's entrance into the crypto market could potentially catalyze substantial growth and acceptance of digital assets within the country.

Investing in cryptocurrencies comes with an inherent level of risk, as their values can undergo substantial fluctuations. Prospective investors are strongly urged to seek advice from financial experts and conduct thorough market research before making any investment decisions.

To stay updated on the latest trends and advancements within the crypto market, make sure to research ahead before doing any crypto investing.