A Bank In Brazil Is Aiming To Introduce Crypto Offering In 2023

The largest private bank based in Latin America and Brazil, Itau Unibanco has made an announcement pertaining to its recent exploration.

The banking firm has announced that it is planning to take a step further into cryptocurrency adoption. The bank is aiming to offer more services and products to clients that are crypto-related.

Itau Unibanco to Launch Crypto Custody

On November 17, 2022, the officials at Itau Unibanco announced that they are working to launch a cryptocurrency custody service for clients.

However, the service will not be launched in the ongoing year. Instead, they plan on introducing the new service in the year 2023.

The digital assets arm of the banking firm will be taking care of the entire project. The name of the particular arm is Itau Digital Assets.

It will be in charge of the entire project and will be taking care of its operations once deployed. Itau Digital Assets is already venturing into the digital assets sector.

It is also exploring the cryptocurrency sector, so it will be using its expertise and knowledge to develop and maintain the crypto custody services.

The arm will be responsible for backing up all the development and technology used for the services.

How Does Itau Unibanco Perceive Custody Services

The custody services hold a lot of significance in the eyes of Itau Unibanco. The firm considers it to be very important when it comes to providing a security framework.

The framework can be provided to third-party companies, and they can use it to offer services to their users. For them, the most important thing is to bring in investors who are responsible for providing security.

They need as many security investors as possible to make their platform very useful and efficient. Itau Unibanco aims to provide users with an environment that is fully safeguarded and secured.

Two Phase Process

The teams developing the crypto custody service for Itau Unibanco have confirmed that it will be implemented in two phases.

The first phase would involve the acquisition of the services by the users on a contractual basis. The second step would be the expansion of the service portfolio of the particular custody service.

In the second phase, they will be targeting third parties that would include institutions as well as companies.

No Cryptocurrency Assets Revealed

Itau Unibanco has announced that they want to launch the new crypto custody service by the end of the second quarter of 2023.

For now, they are aiming to develop the fundamental features of the platform. They have not decided on any particular cryptocurrency assets or products they will be offering through the platform.