Brazil's Top Bank Enters Crypto Space with Bitcoin, Ether Trading Services

<p>Brazilian largest private bank, Itau Unibanco, has made its foray into the cryptocurrency space. The lender is offering cryptocurrency
trading service, initially dealing in Bitcoin and Ether, according to a report
by Reuters. Itau Unibanco’s expansion into digital assets is based on the
progress of crypto regulations in the Latin American country.</p><p>Its entry into the Brazilian crypto market positions
it directly in competition with local players such as Mynt and global giant Binance. What sets Itau Unibanco apart from its
counterparts is its dual role as a trading platform and custodian for digital assets. </p><p>By offering custodial services for crypto users' assets, Itau Unibanco aims to establish its presence in Brazil's fast-growing digital space. While the initial focus will be on <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> and Ether, the bank plans to diversify its crypto portfolio.</p><p>Brazil's Evolving Crypto Landscape</p><p>Brazil's crypto landscape is poised for a
significant transformation following the Senate's approval of legislation
<a href="https://www.financemagnates.com/cryptocurrency/brazil-passes-15-tax-on-offshore-crypto-holdings/" target="_blank" rel="follow">proposing a 15% income tax</a> on offshore crypto gains exceeding $1,200. This proposed rule is pending the final endorsement from the country's president and could be implemented on January 1.</p><p>Brazil's rising interest in digital assets has
attracted attention from global exchanges. Binance <a href="https://www.financemagnates.com/cryptocurrency/binance-pay-enters-brazil-introduces-contactless-crypto-payments-for-the-brazilian-market/" target="_blank" rel="follow">introduced Binance Pay</a> in
the country in August to offer contactless crypto payment services in
partnership with local entities like Weo Games.</p><p>Global Interest Spurs Crypto Innovation in Brazil </p><p>In June, Mercado Bitcoin, Brazil's largest cryptocurrency
exchange, <a href="https://www.financemagnates.com/cryptocurrency/brazils-largest-crypto-exchange-gains-payments-license/" target="_blank" rel="follow">attained a payment institution license</a> from the country's central bank.
This achievement strengthened its position and paved the way for its expansion
in the fintech space. This pivotal license enables Mercado Bitcoin to
offer a range of <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> services encompassing
digital fixed-income investments, staking, and various financial transactions based on crypto assets. </p><p>Besides Mercado Bitcoin, other players holding the
Brazilian payments license include Crypto.com and Bitso. Coinbase has expanded
its Brazilian operations, fostering partnerships to facilitate local currency
deposits and withdrawals.</p><p>Additionally, Brazil's digital banking giant,
Nubank, <a href="https://www.financemagnates.com/cryptocurrency/news/brazils-nubank-launches-crypto-services-with-paxos-partnership/" target="_blank" rel="follow">delved into the cryptocurrency sphere in 2022</a>. The company introduced
its services, allowing customers to purchase, sell, and hold Bitcoin and Ethereum.
Nubank pledged to expand its offerings beyond Bitcoin and Ethereum. </p>

This article was written by Jared Kirui at www.financemagnates.com.