Itau Unibanco considers providing cryptocurrency services and establishes a tokenization unit in Brazil.

October 21, 2022

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Itau Unibanco considers providing cryptocurrency services and establishes a tokenization unit in Brazil.. Itaú Unibanco, one of Brazil’s largest holding companies, has announced that it is considering offering cryptocurrency trading services to its clients. The company said it will offer tokenization services through its digital asset division, which will allow customers to issue tokens backed by real assets that will serve as a platform to facilitate their business. Financial institutions are starting to diversify their offerings to include blockchain and cryptocurrency-related services. Itaú Unibanco, a major Brazilian stock and finance company, has announced that it will begin offering tokenization services to its customers. To this end, the company is creating a new division within its structure called Itaú Digital Assets, which will provide tokenization capabilities and act as an intermediary between companies that want to bring their assets to the blockchain and the market.

The company will use a platform called Hyperledger Besu for tokenization purposes, and the generated tokens will only be sold on the company’s exchange. According to local reports, the company has already conducted tokenization tests and issued tokens to some private customers and bank employees, although no official test report has been released. Vanessa Fernandez, a senior executive at the company, will lead the new initiative as head of digital assets. While the new division will focus on providing tokenization services to its customers, Fernandez believes the company can offer more than that in the future. The executive said the company is considering offering cryptocurrency trading services to clients in the future but did not provide further details. Itao is the latest in a series of Brazilian companies seeking opportunities in digital currency trading. Picpay, one of the most popular digital payment and wallet companies, has just announced that it will start offering cryptocurrency trading and payment services starting in August. In the same vein, another Brazilian digital bank, Nubank, launched a similar transaction service in May. Brazil’s central bank has announced that it is testing its own currency, a central bank digital currency (CBDC), this year. Crypto asset regulation is also moving forward, with Brazil’s Senate passing a cryptocurrency bill that will be debated in the lower house.

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