Brazil's Largest Private Bank To Offer Crypto Custody Services

Itaú Unibanco, the largest private bank in Brazil, is set to launch an asset tokenization platform capable of converting traditional finance products into tokens along with offering crypto custody services to the customers of the bank.

Itaú Unibanco announced the new developments Thursday. The news was first reported by CoinDesk, a crypto-focused media firm.

Itaú Digital Assets, the new unit of the private bank, will be first available to institutional clients. Customers can expect the retail version to debut by the end of the year.

Interestingly, the company said at a press conference that it has not ruled out the possibility of offering cryptocurrency trading services to its retail clients in the near future, but it did not give additional details about the same.

The head of Itaú Digital Assets will be Vanessa Fernandez, a senior executive with years of experience in the world of technology and compliance.

In the light of said events, it is also crucial to note that Itaú was one of the nine banks appointed for the creation of a digital real, Brazil’s central bank digital currency (CBDC). According to a previous report, the other eight banks are Aave, Banco Santander Brasil, Febraban, Bitcoin Market, Tecban, VERT and Visa do Brasil.