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Largest private lender in Brazil to provide crypto Services

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Indrani bose Follow

INDIA

Jul, 20 2022

Jul, 20 2022

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One of Brazil's largest private lenders, Itaú Unibanco Holding SA, has declared that it will offer cryptocurrency trading services to its retail clients. The business disclosed that it will also provide tokenization services through a division for digital assets. This division will enable customers to produce tokens backed by actual assets and serve as a platform for their trade. The chief executive of Itau's digital assets division, Vanessa Fernandes, did not provide a timeline for when such a platform might be available.

Brazilian financial services and major holdings corporation Ita Unibanco is set to launch asset tokenization services for its clients. This platform will be capable of converting traditional finance products into tokens. To do this, the business will build a completely new division within its organizational structure called Ita Digital Assets. It will offer tokenization capabilities and serve as an intermediary between businesses looking to move their assets to the blockchain and the market. Institutional clients will have initial access to Ita Digital Assets. By the end of the year, customers can anticipate the release of the retail edition. Vanessa Fernandez, a senior executive with extensive knowledge of technology and compliance, will be in charge of Ita's Digital Assets.

Assets will be tokenized using the Hyperledger Besu platform, and the resulting tokens will only be traded on the company's exchange. The CEO made the remark that the business was thinking about providing consumers with bitcoin trading services in the future, but he did not provide further information.

The other eight banks are Aave, Banco Santander Brasil, Febraban, Bitcoin Market, Tecban, VERT, and Visa do Brasil, according to a prior article.

The Brazilian Central Bank has announced that experiments on its own currency, the central bank digital currency (CBDC), will be conducted this year. The Brazilian Senate has adopted a cryptocurrency measure that will be reviewed by the deputy chamber, signaling progress in the regulation of digital assets.

Other firms working in this area:

Ita is only the most recent in a line of Brazilian businesses that are recognizing prospects in the world of bitcoin trading. One of the most well-known digital wallet and payment service providers, Picpay, had recently declared that it would begin providing cryptocurrency trading and payment services in August. Another digital bank Nubank, which is based in Brazil, also introduced comparable trading services in May.

 


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Indrani bose

CBW - External Analyst

INDIA

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