Itaú Unibanco, Latin America's largest financial institution, has taken a significant step into the cryptocurrency space by expanding access to crypto trading on its investment platform, Íon. Now, all users of the platform's app can buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the platform.

In an interview with Brazilian newspaper Valor Econômico, Guto Antunes, head of Itaú Digital Assets, revealed that the decision to open up crypto trading to all users came after conducting weekly surveys with an initial group of clients. The results showed strong support for crypto-related products among the bank's user base. Antunes also emphasized that Itaú chose to internally develop the security for clients’ crypto wallets rather than outsourcing it, underlining the bank's commitment to ensuring the safety of its customers' assets.

Despite not disclosing the exact number of Íon users, Itaú's app has seen significant adoption, surpassing 3.5 million downloads across Android and iOS devices. Antunes described this adoption rate as "significant for the crypto space and surprising," indicating a growing interest in cryptocurrencies among the bank's clientele.

Initially, the offering to all users will be limited to Bitcoin and Ethereum. However, Antunes acknowledged that clients are expressing interest in additional tokens, which are currently under consideration pending a thorough regulatory risk assessment. Regarding stablecoins, Itaú is awaiting clear regulations from Brazil’s central bank before incorporating them into its offerings, although no specific timeline was provided.

Itaú Unibanco initially entered the crypto market in late 2023, launching services for select customers. Now, with its expansion of crypto trading to all users of the Íon platform, the bank aims to compete with both local entities like crypto exchange MB and BTG Pactual’s digital assets unit Mynt, as well as global players like Binance in the Brazilian market. This move underscores the increasing mainstream acceptance and adoption of cryptocurrencies within the traditional financial sector in Brazil and beyond.