SAO PAULO, Dec 4 (Reuters) - Brazilian bank Itau Unibanco (ITUB4.SA) on Monday launched a cryptocurrency trading service for clients of its investment platform, making the nation's largest lender the latest local player to enter the market for the digital asset's exchange.
"It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future," he said, adding any expansion would depend on how crypto regulation in the country evolved.
Itau argues it will stand out from rivals as it also acts as a custodian, safeguarding users' assets, Antunes said.
The move comes about a month after two local players announced they were leaving the crypto market.
Brokerage and investments company XP (XP.O) did not say why it was shutting down its crypto service, but financial services firm PicPay, owned by conglomerate J&F which also controls meatpacker JBS (JBSS3.SA), cited regulatory uncertainties.
Persons:
Guto Antunes, Itau, Antunes, meatpacker, Paula Arend Laier, Andre Romani, Kylie Madry, Chris Reese
Organizations:
SAO PAULO, Monday, Thomson
Locations:
bitcoin, Brazil