Itaú Unibanco has announced its new token trading platform, set to launch later this year.
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Last Thursday (14), Itaú Unibanco announced its new token trading platform, which is expected to launch these investment products for retail sale later this year.
The launch is part of Itaú’s plan, the largest bank in Latin America, to capitalize on customers’ interest in digital assets and lead the way in a sector that could move billions of riyals in the coming years.
The action comes at a time when there are predictions that a significant portion of financial assets, such as receivables and bonds, will be sold via a token, which is a digital representation of products.
In this way, the Itaú platform will issue distribution and custodianship of the tokens, which will speed up, make the price cheaper, and simplify their issuance, archiving and trading.
“You can imagine that about 10% of the market’s assets in the next few years will be via tokens,” said Vanessa Fernandez, head of newly created Itaú digital assets.
Itaú recently completed a trial process using tokens from duplicates of a client company, issuing 360,000 Brazilian reals, for a period of 35 days, that were marketed in the private bank. Thus, it is already preparing to offer the service to a larger customer base.
According to Vanessa, by simplifying and reducing the costs of operations made possible through this platform, customers will be able to access better service rates, for example.
Thus, clients can pay lower management fees than those charged for traditional investment products.
Fernandez further explained that the initiative aims to increase customer demand for digital assets, but those linked to cryptocurrencies such as Bitcoin and Ethereum.
However, Vanessa said Itaú is considering making cryptocurrency buying and selling functionality available to retail customers. She noted that “this could happen in the next two years.”
This action marks a turning point in the position of Itao, who has been conservative with regard to digital currencies, sometimes limiting operations with customers who trade cryptocurrency. According to Vanessa, this is in part because there are better tools now to detect and avoid risks, such as money laundering.
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