365Crypto
Itaú builds a crypto unit
Itaú Asset, Brazil’s largest private asset manager, has launched a dedicated crypto division. João Marco Braga da Cunha, a former Hashdex executive, will lead the team.
Expanding beyond ETFs
The bank already runs a Bitcoin ETF and a retirement fund tied to digital assets. With over 1 trillion reais ($185B) under management, Itaú sees crypto as a key driver of growth.
Why now?
Cunha said crypto markets are full of volatility, which creates unique chances to deliver alpha — investor jargon for “extra returns.” He previously managed portfolios at Hashdex, one of Brazil’s crypto pioneers.
More than trading
Itaú clients can already trade 10 crypto pairs, including BTC, ETH, and SOL, through the bank’s app. The new division will build more products, from safer fixed-income style crypto funds to high-risk plays like derivatives and staking funds.
Brazil leads Latin America
Brazil ranks 10th globally in crypto adoption, thanks to friendly regulations. The country’s 2023 crypto law gave the central bank clear authority over digital assets. Since then, Brazil has seen rapid innovation, from spot ETFs to stablecoins.
Tax hurdles remain
Not everything is smooth. In June, Brazil introduced a flat 17.5% tax on all crypto gains, even for self-custody and DeFi. The rule replaced the old exemption for small trades and sparked backlash. It was revoked later that same month.
