Brazil's largest asset manager, Itaú Asset Management, with nearly $198 billion in assets under management, has officially launched a dedicated crypto division. This strategic move marks a significant institutional embrace of digital assets in Latin America's largest economy. The division will focus on offering Crypto ETFs, Mutual Funds, and Custody Offerings, providing both retail and institutional investors regulated access to cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL), and USD Coin (USDC) directly through Itaú's banking app.
The initiative is bolstered by Brazil's 2023 Cryptoassets Act and central bank oversight, which have created a clearer regulatory framework. Itaú's in-house custody solutions address key institutional barriers like trust and security, while its existing mutual funds framework—overseeing over 117 billion reais across 15 desks—provides immediate operational support. The division is led by João Marco Braga da Cunha, formerly of Hashdex, bringing deep crypto expertise to bridge fintech innovation with traditional asset management.
Beyond core products, Itaú is exploring fixed-income style crypto funds, derivatives, and staking-based investments, aiming to integrate digital assets into familiar investment vehicles. The move follows global successes like BlackRock's spot Bitcoin ETF, which attracted $1 billion in four days and surpassed $70 billion in under a year, demonstrating strong demand for simplified, regulated crypto products through trusted channels.
Brazil ranks 10th in the 2024 Global Crypto Adoption Index, indicating robust local appetite. Itaú's entry could accelerate adoption by combining banking credibility with crypto accessibility, potentially reshaping Brazil's financial landscape and inspiring similar moves by other Latin American institutions.