Brazils Banks Dip into Crypto without Taking the Risk

Brazil's big banks are getting into crypto while keeping it off their books.

Itaú and Nubank offer a range of cryptocurrencies to clients, but these assets aren't counted as investments on the banks' balance sheets. This separation is crucial for the country's regulatory experiment: can banks offer crypto services without exposing themselves to its volatility?

The distinction between offering crypto products and holding them on their books has become clear since March 2026.

In addition, Brazil's cryptocurrency market has been expanding rapidly, the Receita Federal reports a fivefold increase in transaction volume from R$94.9 billion in 2020 to R$510.1 billion in 2025.