Itaú Unibanco in Brazil Files for Trading and Custody Services for 15 Cryptocurrencies Including XRP

Brazil's largest private bank, Itaú Unibanco, has officially filed with the Central Bank of Brazil for trading and custody services for 15 digital assets, including Bitcoin and XRP. This marks the first instance of a Brazilian bank reporting under the new digital asset regulatory framework, indicating a significant entry of traditional finance into the digital asset market. Itaú Unibanco plans to offer digital asset trading services through its own investment platform, 'íon', starting in December 2023. The assets currently handled include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, USDC, Chainlink (LINK), Avalanche (AVAX), Aave (AAVE), Uniswap (UNI), among a total of 15. This filing is in accordance with Resolution 520, enacted by the Central Bank of Brazil in November last year, which established a supervisory framework for digital asset exchanges and custodians, enhancing customer asset protection and anti-money laundering requirements. Itaú Unibanco's filing combines the buying and holding of customers' digital assets in a brokerage format, formalizing existing business under the new regulatory framework rather than launching a new trading service. The inclusion of XRP is noteworthy, but it only means that customers can trade XRP for investment purposes, not that Itaú will use XRP for interbank settlements or international remittances.

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