Itaú Unibanco Opens Bitcoin and Cryptocurrency Trading to 60 Million Customers

• Itaú Unibanco opens Bitcoin trading to 60 million customers via Ion app.
• Initial crypto trading was limited but strong demand led to wider access.
• Ion app surpasses 3.5 million downloads, indicating significant interest in Brazil.
• Itaú built its own custody solution for user wallets, ensuring asset segregation.
• Bitcoin's popularity in Brazil drives mainstream adoption through the bank.
• Itaú's move validates Bitcoin as a long-term investment, potentially influencing other banks.

Summary :
Itaú Unibanco, the largest bank in Brazil and Latin America, has made a significant move by opening Bitcoin and cryptocurrency trading to its 60 million customers. The bank's investment app, Ion, now allows users to buy and sell Bitcoin and Ethereum, expanding its crypto trading services from select clients to the wider customer base. This decision was based on strong demand shown by initial users in weekly surveys. The Ion app has already surpassed 3.5 million downloads, indicating significant interest in Bitcoin and crypto in Brazil. Itaú has chosen to build its own custody solution for clients' wallets, ensuring asset segregation and providing a separate wallet for each user. By offering Bitcoin access, Itaú aims to become the preferred gateway for mainstream adoption of this new asset class in Brazil. The bank's embrace of Bitcoin and crypto also validates it as an investable innovation that is here to stay. This move may encourage other banks in the region to follow suit. For bitcoiners in Brazil, being able to buy and sell through their existing bank removes adoption hurdles and provides accessibility. Itaú's decision to open the floodgates for Bitcoin marks a milestone in the financial mainstreaming of Bitcoin in a major Latin American economy.

Sources :

- Bitcoinmagazine