Brazilian Banks Expand Crypto Offerings Without Holding Assets

Brazilian banks have expanded their offerings to include up to 28 cryptocurrencies, but they are not holding any on their balance sheets. According to a recent report, Itaú now offers 15 crypto assets, including Bitcoin (BTC), Ethereum (ETH), and USDC, while Nubank has listed 28 tokens for its customers.

Nubank's selection includes a variety of cryptocurrencies, but it is not clear which ones are available through the platform. Banco do Brasil, on the other hand, has processed over R$11 million in crypto transactions since January and offers Bitcoin and Ethereum directly to its customers.

The Brazilian banks' expansion into cryptocurrency offerings is likely driven by increasing demand from clients, according to Carlos Akira Sato, co-founder of financial consultancy Syscapital. 'In a conservative sector, as the banking sector is, regulation makes institutions more secure to launch their products,' Sato said.