Brazilian bank Itau Unibanco will offer cryptocurrency custody services in 2023 according to its latest announcement.
One of the largest private banks in Latin America, Itau Unibanco has announced plans to launch cryptocurrency custody services in 2023. The company also revealed that it plans to use technology developed by its new subdivision, Itau Digital Assets, to power the service.
Itau Unibanco’s Eric Alftafim said custody services are an important part of the security framework for most third-party companies.
This new cryptocurrency custody service will be implemented in two phases. The first phase will allow the customers of the bank to contract these services. The second phase will extend these services to other companies and institutions as well, including third parties. Itaú Unibanco expects to release their custody solution in Q2 2023, but they didn’t reveal what assets this solution would support.
While Itau Unibanco may be the first Brazilian bank to offer this kind of service, it is not the first to do so. In August, BTG Pactual, another Brazilian institution, announced that it would provide this type of service as part of its own cryptocurrency exchange, called mint.
Itau’s Crypto Journey
This is not the first time, Itau Unibanco has earlier also ventured into the cryptocurrency world. Recently though the company announced its plans to introduce cryptocurrency for its customers on July 14th. Additionally, it will also be operating a tokenization unit that will allow its customers to issue tokens representing real-world assets in the bank’s own exchange.
This year, the LIFT Lab welcomed Itau Unibanco’s Brazilian real pegged stablecoin solution. This solution would allow for quick exchange between tokens that represent different fiat currencies, in an efficient and decentralized finance environment.
Cryptocurrency Market Maker Wintermute loses $160m in Cyber-Heist
Cryptocurrency Worth $30 Million Stolen by North Korean-linked Lazarus Group Seized
Twitter Introduces Stripe pilot Cryptocurrency Payments for Creators