Itau Unibanco Mulls Offering Crypto Services, Opens Tokenization Unit in Brazil
Itaú Unibanco, one of the largest holding companies in Brazil, has announced it is considering offering cryptocurrency trading services to its customers. The company informed that it will also offer tokenization services through a digital assets unit, that will allow customers to issue tokens backed by real-world assets, acting as a platform to facilitate their trading. Itaú Unibanco Adds Tokenization to Its Services
Financial companies are starting to diversify their offerings by including blockchain and crypto-related services. Itaú Unibanco, a large holdings and financial services company in Brazil, has announced it will start offering tokenization services to its customers. To this end, the company will create a brand new unit in its structure, called Itaú Digital Assets, that will provide tokenization capabilities and act as a middleman between companies wanting to take their assets to the blockchain and the market. The company will use a platform called Hyperledger Besu for tokenization purposes, and the tokens created will only be tradable within the exchange of the company.
According to local reports, the company has already made tokenization tests, issuing tokens for some private customers and employees of the bank, although no official reports have been made on this trial. Vanessa Fernandes, a senior executive at the company, will be leading the new endeavor as head of the Digital Assets Unit. Crypto Trading Services Being Considered
While the focus of the new unit is to bring tokenization services to its customers, Fernandes believes that the company might be able to offer more than that in the future. The executive commented that the company was considering offering customers cryptocurrency trading services in the future, but did not offer more details.
Itaú is just the latest in a series of Brazilian companies that are seeing opportunities in the cryptocurrency trading arena. Just recently, Picpay, one of the most popular digital wallet and payments providers, announced it would start offering cryptocurrency trading and payment services in August. In the same way, Nubank, another Brazilian digital bank, also launched similar trading services in May.
The Central Bank of Brazil has declared it will be doing tests on its own currency — a central bank digital currency (CBDC) — this year. The regulation of crypto assets is also progressing, with the Brazilian Senate having approved a crypto bill to be discussed by the deputy chamber. Tags in this story Crypto, itaú digital assets, itaú unibanco, nubank, picpay, Tokens, trading
What do you think about Itaú Unibanco offering tokenization services? Tell us in the comments section below. Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. SEC Fines John McAfee"s Associate $375K in Penalties for ICO Promotions NEWS | 4 hours ago Accused Bitfinex Bitcoin Money Launderer Granted Permission to "Engage in Legitimate Employment" NEWS | 6 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, casa.da.photo / Shutterstock.com Previous articleLatest Global Findex Survey: Share of Adult Population with a Bank Account Now 76% — 1.4 Billion Adults Still Unbanked Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method