Bitcoin News and Finance
Brazilian Bank Itau Unibanco to Offer Cryptocurrency Custody Services in 2023 Skip to main content

Brazilian Bank Itau Unibanco to Offer Cryptocurrency Custody Services in 2023

itau unibanco

Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service.

Brazilian Bank Itau Unibanco to Debut Crypto Custody Offering

Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to step into the crypto-related services business. The company announced on Nov. 17, 2022, that it plans to launch cryptocurrency custody services in 2023. Itau Digital Assets, the division of the company that deals with all things crypto, will be in charge of the tech behind this solution.

For Itau Unibanco, custody services are an important part of the security framework that third-party companies can offer users. On this, Itau Unibanco’s product manager Eric Alftafim told O Globo:

Custody is a fundamental element in this context, because, especially in a new market like crypto assets, it brings security to investors. We will safeguard customer assets in a reliable environment.

The cryptocurrency custody service will be implemented in two phases. The first phase will allow customers of the bank to contract these services. The second phase will extend these services to third parties including other companies and institutions. Itau Unibanco expects to launch its custody solution in Q2 2023. However, the company did not reveal the assets supported by its solution.

While Itau Unibanco is one of the first banks to announce this kind of service, it is not the first in Brazil. BTG Pactual, another institution in Brazil, debuted its cryptocurrency custody services as part of the launch of its own crypto exchange, called mint, in August.

Itau’s Cryptocurrency Journey

This is not the first time that Itau Unibanco flirts with crypto. The company announced that it might introduce cryptocurrency trading for its customers on July 14. In the same way, the bank is also operating a tokenization unit, that allows customers to issue tokens representing real-world assets in the bank’s own exchange.

Itau Unibanco is also part of this year’s LIFT Lab, where a series of institutions present their projects with the idea of innovating the current finance system. The company was selected to present a Brazilian real pegged stablecoin solution, that could allow for quick exchange between tokens representing other fiat currencies in a decentralized finance environment.

What do you think about Itau Unibanco’s new cryptocurrency custody service? Tell us in the comment section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory