Brazil’s fintechs, banks embrace crypto craze as demand skyrockets.

In Brazil, fintechs and traditional banks are increasingly entering the cryptocurrency space due to high demand from users. Itau, the largest private bank in Brazil, has recently become the first traditional bank in the country to offer crypto trading services, allowing customers to trade Bitcoin and Ether through its online investment tool. This move demonstrates the banks’ efforts to compete with nimble challenger banks like Nubank and Mercado Pago, which have already ventured into the crypto space. Brazil currently has over 4 million individual cryptocurrency investors, and stablecoins like USDC are gaining significant traction in the region. The Brazilian crypto market is awaiting comprehensive regulations, and Itau has stated that it will gradually introduce its crypto services to a select group of customers.