Brazil's Big Banks Ditch Balance Sheets for Crypto Sales

Brazil's three largest banks have started selling cryptocurrencies to their customers without holding any on their balance sheets, according to a report. Itaú Unibanco, Nubank, and Banco do Brasil each list more than a dozen digital assets, including Bitcoin (BTC) and Ethereum (ETH), but they don't hold the coins themselves.

Itaú brokers trades through licensed partners, which captures fee revenue while avoiding balance-sheet volatility. Custody, or direct holding and safekeeping of an asset, remains outsourced to others. The banks' move into retail token sales signals that they see the licensing regime in Brazil as stable enough to build a distribution business around.

Nubank, serving over 100 million customers across Latin America, expanded its token list this year as local exchanges pushed harder for retail volume. Banco do Brasil, the state-controlled lender, joined the push as licensed digital-asset platforms multiplied under the new oversight regime.