Itaú Asset Management unveils new crypto unit to build bond-like products

Brazil’s largest private asset manager, Itaú Asset, has launched a crypto-focused arm to develop digital-asset mutual funds, ETFs, custody offerings, and staking ￰0￱ launch adds to Itaú’s growing crypto lineup, complementing its Bitcoin ETF and retirement plan with digital-asset exposure. Ex-Hashdex executive João Marco Braga da Cunha will oversee the new ￰1￱ even commented, “The crypto asset segment has unique characteristics for generating alpha. It’s a relatively new market that creates major opportunities due to its volatility.” Itau’s new crypto arm will focus on bond-like products Itaú Asset lets users directly trade 10 crypto pairs via its mobile platform, featuring assets such as Bitcoin, Ether, Solana, and USD Coin, while providing in-house custody.

Now, the firm is expanding its crypto division , saying its new crypto unit will work on solutions, including bond-like products as well as higher-volatility plays like derivatives and staking-based ￰2￱ will also function under Itaú Asset’s mutual funds structure, which manages upwards of 117 billion reais across 15 ￰3￱ far, Itaú has appointed Cunha, who previously directed portfolio management at Hashdex, to run the division, supervising the development of fixed-income-style products and higher-risk crypto ￰4￱ experience with ETFs and funds positions him well to shape offerings for Brazil’s emerging crypto ￰5￱ ranks 10th in global crypto adoption Brazil has taken to crypto products in the last few ￰6￱ places Brazil in 10th place in its 2024 ranking of global crypto ￰7￱ country’s crypto momentum is primarily backed by government ￰8￱ 2023, it rolled out a nationwide crypto law, creating a framework for virtual asset companies and assigning regulatory authority to the central bank.

Itaú Unibanco even introduced crypto trading for individual investors in December 2023, shortly after the law took effect, initially supporting Bitcoin and Ether. Brazil’s securities regulator also authorized the nation’s debut spot XRP ETF from Hashdex in February ￰9￱ after, Braza Bank announced a project to release a real-linked stablecoin using the XRP ￰10￱ that time, Marcelo Sacomori, the CEO of Braza Group, noted the stablecoin would be a game-changer for global financial ￰11￱ for foreign currency payments, the asset is tailored to increase the stability and effectiveness of cross-border ￰12￱ Latin country is already emerging as a case study in how a clear regulatory framework can integrate crypto into traditional banking systems.

Itaú’s ability to launch compliant custody services also reassures investors and signals the industry’s ￰13￱ with rising adoption rates across Latin America, this momentum positions Brazil as a hub for crypto innovation and a magnet for future investment. However, despite progress, there are still open questions around ￰14￱ June, Brazil overhauled its tax rules, scrapping the progressive system in favor of a flat 17.5% tax on crypto capital ￰15￱ reform also removed the long-standing rule that allowed up to 35,000 reais ($6,500) in monthly tax-free sales and broadened taxation to cover self-custody, offshore assets, DeFi activity, NFTs, and staking ￰16￱ executive order drew swift criticism and was repealed before the month ended.

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