Brazilian Banks Fuel Crypto Boom with Expanded Offerings

Brazil's cryptocurrency market has seen explosive growth in recent years, reaching a record high of R$505.5 billion ($98.7 billion) in 2025, up more than fivefold from R$94.9 billion in 2020.

This expansion is largely due to the increasing number of banks offering cryptocurrency services to their clients. Itaú, Brazil's largest bank by assets under management, now offers 15 different cryptoassets through its investment app, including Bitcoin, Ethereum, and USDC.

Nubank, Brazil's largest fintech, lists 28 cryptocurrencies for its clients to trade in. Banco do Brasil has seen over R$11 million ($2.1 million) in transactions since January, when it started letting customers buy Bitcoin and Ethereum directly.

The Central Bank of Brazil has filed documents showing zero proprietary crypto holdings at Brazilian banks as of March 2026, indicating that none of the money is held on the banks' balance sheets.