Itaú, the largest commercial bank in Latin America with $400 billion in assets under management, will begin offering crypto custody services.
Itaú Digital Assets, the crypto-handler, will start offering custody services next year, after which it will expand to corporations and institutional clients.
“Custody is a fundamental element, it provides security for investors. We will protect customer assets in a trusted environment.” Eric Altafim, Product Manager at Itaú Unibanco said.
Vanessa Fernandez, a senior executive with internal controls and technology experience at Itaú, will serve as head of Itaú Digital Assets.
The bank recently appointed Guto Antunes, former vice president of Crypto.com (Brazil) do Head of Digital Assets at Itau Unibanco.
Antunes said: “We see a new generation eager to digitize their assets and investments. In our digital asset unit, we will provide solutions that adhere to the strictest security and legal compliance standards.”
It was the first bank in Brazil and one of the first in the world to hold bitcoins on behalf of customers.
In March, Itaú was one of nine partners by the Central Bank of Brazil choose to help them develop CBDCs.