Itaú Unibanco will offer custody of cryptocurrencies in 2023

The Brazilian bank Itaú Unibanco recently announced that in 2023 it will offer its clients a cryptocurrency custody service through its Itaú Digital Assets unit

The Brazilian bank Itaú Unibanco announced this week that it is preparing the cryptocurrency custody service through its Itaú Digital Assets unit. The service would be available to the entity’s clients from 2023, and then it would be open to third parties.

The Brazilian private financial institution, among the largest in the South American country, joins the offer of crypto services to its clients, with the highest technology standards in this environment.

From the bank, they have stressed that “custody services are an important part of the security framework that third-party companies can offer users.” In this sense, Eric Alftafim, Itaú Unibanco’s product manager, told the O Globo chain: “Custody is a fundamental element in this context, because, especially in a new market such as crypto assets, it provides investors with security. We will safeguard client assets in a trusted environment.”


Two-phase cryptocurrency custody service


Itaú Unibanco has indicated that the implementation of the cryptocurrency custody service will take place in two phases. During the first stage, the process will be opened so that clients can contract the service. And in the second, the custody of cryptographic currencies will be extended to third parties.

This financial solution is expected to be ready for launch in the second quarter of 2023. The initiative joins the bank’s implementation, last July, of cryptocurrency trading in the country, as well as the launch of its unit of tokenization, “which allows customers to issue tokens that represent real-world assets on the bank’s own exchange.”


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