Market News

Brazil's Itaú Asset Management Steps Boldly into the Crypto Arena

Brazil’s Itaú Asset Management has officially launched its first dedicated cryptocurrency division, aimed at tapping into the burgeoning digital asset market.

Led by João Marco Braga da Cunha, a former executive at Hashdex, the new unit will operate within the firm's extensive investment structure.

Itaú, which manages over 117 billion reais ($21.6 billion) across 15 desks, plans to enhance its range of digital asset products through this initiative.

Since 2022, Itaú has made strides in the crypto sector, introducing a Bitcoin exchange-traded fund (BITI11) and providing a retirement plan with Bitcoin exposure.

More recently, the bank began offering direct trading of cryptocurrencies, including Bitcoin and Ethereum, through its mobile app, alongside in-house custody services.

The new division will develop a variety of products, from fixed-income instruments to riskier funds that include derivatives and staking strategies.

Itaú’s move also aligns with Brazil's ambitions to establish a robust cryptocurrency market, where it has recently ranked 10th in global crypto adoption according to Chainalysis.

As the government continues to introduce clear regulations, Itaú is progressively broadening its services to meet growing interest in digital currencies.

With Brazil's first comprehensive cryptocurrency law established in June 2023, Itaú is well-positioned to leverage these opportunities.

This strategic shift not only underlines the increasing significance of cryptocurrencies in Brazil but also highlights Itaú’s commitment to innovation within the financial landscape.