Brazil’s largest private bank inaugurated a new digital asset unit that will offer token issuance, distribution and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services.
- Itaú lanzará plataforma de tokenización.
- Its new digital asset unit will also offer cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. custody.
- It does not rule out the possibility of offering Bitcoin trading.
One of Latin America’s most renowned banks is expanding into digital assets.
Itaú Unibanco the largest private bank in Brazil and one of the largest in South America, is preparing to launch its own asset tokenization platform. The platform a place to buy, sell and store cryptocurrency will allow traditional financial products to be converted into tokens blockchain-based digital services, as well as offering a “ token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. as a service ” (TaaS).
As reported by several local news outlets, the efforts are being led by a new unit of the company called Itaú Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets which, in addition to tokenization, will be responsible for offering crypto-custody services to customers.
Itaú opens a digital asset unit
The bank’s senior executive, Vanessa Fernandes, who previously worked for German Bank y JPMorgan and will now head the new unit, stressed at a conference on Thursday that the goal of the initiative is to “make a difference. democratizing assets through tokenization ”.
According to Startups Brasil the new tokenization platform of Itaú will allow investors of any scale to participate in financial investments that are already part of the bank’s portfolio, but which are currently restricted to institutional or high net worth clients, through a fractional offering.
To do so, Itaú has already carried out a first internal test in which he issued a token backed by cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. flow of risky receivables. According to reports, the he issue took place at the beginning of the month, with a term of 35 days and a total value of R$ 360 thousand (USD $66,860). The sale was restricted to some of the bank’s employees and selected Private Banking clients.
“ Our next step is to develop all the integrations needed to gain scale. “Fernandes commented on the matter during the conference, as quoted by Startups Brasil .
Itaú Digital Assets will be available to institutional clients, but it is expected that by the end of 2022 the bank’s retail clients will also have access to investment services in tokens through the platform.
Does not rule out the possibility of adopting Bitcoin
The head of the new unit also did not rule out the possibility that, in the future, the São Paulo-based bank could can expand its offering to offer cryptocurrency trading as an alternative to Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (BTC) y Ethereum a decentralized open-source blockchain with smart contracts functionality. (ETH) . However, he stressed that for the time being they will focus on tokenization services.
This is not the first time that Itaú moves towards innovation Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. . In 2018 we had already reported that the Brazilian bank was. adopting the solution xCurrent de Ripple to process cross-border payments and remittances on the blockchain. Fernandes also reiterated these developments, noting that the bank has at least five years studying the benefits of the technology. Blockchain .
The reports made no mention of that former bank partner. Instead, Fernandes insinuated that Itaú had not signed partnerships for the project, but had been a stand-alone development of the technology team at “ 15.000 personas ” of the bank. According to a joint report deCoinDesk eInfoMoneythe new platform is based on Hyperledger Visu .
That report also points out that the most recent strategy of Itaú was motivated by growing consumer interest in the cryptocurrency market.
Last month Brazil’s largest digital bank, Nubank , began to offer functions for trading BTC and ETH to its more than 50 million customers. More recently, the Brazilian payment platform, PicPay, announced the integration of crypto-payments .
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Article by Hannah Estefania Perez / DiarioBitcoin
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