Itau Unibanco Mulls Offering Crypto Services, Opens Tokenization Unit in Brazil

Itau Unibanco Mulls Offering Crypto Services, Opens Tokenization Unit in Brazil

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09/08/2022 by Koinal
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Among the largest Brazilian holding companies, Itaú Unibanco announced it is considering offering cryptocurrency trading services. In addition to offering tokenization services, the company announced that it will also offer tokens backed by real-world assets through its digital assets unit, offering its customers the option to issue tokens.
Itau Unibanco Mulls Offering Crypto Services, Opens Tokenization Unit in Brazil

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Among the largest Brazilian holding companies, Itaú Unibanco announced it is considering offering cryptocurrency trading services. In addition to offering tokenization services, the company announced that it would also offer tokens backed by real-world assets through its digital assets unit, offering its customers the option to issue tokens.

As financial companies diversify their offerings, they are offering blockchain and crypto-related services. The company that holds large holdings and financial services in Brazil, Itaú Unibanco, is offering tokenization services to its customers. To achieve this goal, the company will create a brand new component called Ita Digital Assets, which will provide tokenization capabilities and act as a middleman between companies seeking to take their assets to the blockchain. In order to tokenize, the company will use a platform called Hyperledger Besu, and the tokens created will only be traded within the company.

Local reports state that the company has already begun tokenization tests, issuing tokens to some bank employees and private customers, although official reports have not been made on this trial. Vanessa Fernandes will run the new venture as head of the Digital Assets unit.

As the company aims to bring tokenization services to its customers, Fernandes believes that it might be able to offer more than that to its clients. The company’s executive stated it is considering offering cryptocurrency trading services in the future but declined to provide further details.

Picpay, one of the most popular cryptocurrency wallet and payment providers, announced in August that it will begin offering cryptocurrency trading and payment services. The Brazilian digital bank Nubank also launched similar trading services in May.

This year, Brazil’s Central Bank will conduct economic tests on its own currency. A crypto bill is being considered by the deputy chamber of the Brazilian Senate, which is also involved in the regulation of cryptocurrency assets.

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