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Itau Unibanco, one of Brazil’s largest banks, has announced that it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the company’s cryptocurrency unit, will be responsible for this offering, which will first be available to bank customers and then to third parties as a service.

Brazilian bank Itau Unibanco to launch crypto custody offering

Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to venture into the crypto-related services business. The company announced on November 17, 2022 that it plans to launch cryptocurrency custody services in 2023. Itau Digital Assets, the company’s division that handles all things crypto, will be in charge of the technology behind this solution.

For Itau Unibanco, custodial services are an important part of the security framework that third-party companies can offer users. On this subject, the product manager of Itau Unibanco, Eric Alftafim Told O Globo:

Custody is fundamental in this context because, especially in a new market like crypto assets, it provides security for investors. We will protect customer assets in a trusted environment.

The cryptocurrency custody service will be implemented in two phases. The first phase will allow the bank’s customers to contract these services. The second phase will extend these services to third parties, including other companies and institutions. Itau Unibanco plans to launch its custody solution in the second quarter of 2023. However, the company did not disclose the assets supported by its solution.

If Itau Unibanco is one of the first banks to announce this type of service, it is not the first in Brazil. BTG Pactual, another institution in Brazil, made its debut its cryptocurrency custody services as part of the launch of its own crypto exchange, called mint, in August.

Itau’s Cryptocurrency Journey

This is not the first time that Itau Unibanco has flirted with crypto. The company announcement that it could introduce cryptocurrency trading for its clients on July 14. Similarly, the bank also operates a tokenization unit, which allows customers to issue tokens representing real-world assets in the bank’s own exchange.

Itau Unibanco is also part of this year’s LIFT Lab, where a series of institutions present their projects with the idea of ​​innovating the current financial system. The company was selected to present a stablecoin solution pegged to the Brazilian real, which could enable rapid exchange between tokens representing other fiat currencies in a decentralized financial environment.

What do you think of Itau Unibanco’s new cryptocurrency custody service? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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