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Itaú Unibanco, one of the largest holding companies in Brazil, has announced that it is considering offering cryptocurrency trading services to its customers. The company announced that it will also offer tokenization services through a digital asset unit, which will allow customers to issue tokens backed by real-world assets, and act as a platform to facilitate their trading.
Financial companies are beginning to diversify their offerings by including blockchain and crypto-related services. Itaú Unibanco, a large holding and finance company in Brazil, has announced that it will start offering tokenization services to its customers. For this purpose, the company will create a completely new unit in its structure, called Itaú Digital Assets, which will provide tokenization capabilities and act as an intermediary between companies that want 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 that are created will only be able to be traded within the company’s stock exchange.
According to local reports, the company has already performed tokenization tests, issued tokens for some private customers and employees of the bank, although no official reports have been made about this lawsuit. Vanessa Fernandes, a top executive in the company, will lead the new effort as head of the Digital Assets Unit.
While the focus of the new entity is to bring tokenization services to its customers, Fernandes believes the company may be able to offer more than that in the future. The manager commented that the company was considering offering customers cryptocurrency trading services in the future, but did not provide further details.
Itaú is just the latest in a series of Brazilian companies to see opportunities in the cryptocurrency trading arena. Just recently, Picpay, one of the most popular digital wallet and payment providers, announced that it would start offering cryptocurrency trading and payment services in August. Similarly, Nubank, another Brazilian digital bank, launched similar trading services in May.
Brazil’s central bank has announced that it will conduct tests on its own currency – a digital central bank currency (CBDC) – this year. The regulation of crypto assets is also progressing, and the Brazilian Senate has approved a crypto bill to be discussed by the Deputy Chamber of Deputies.
What do you think about Itaú Unibanco offering tokenisation services? Tell us in the comments section below.
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