Brazil’s largest personal asset supervisor Itaú Asset Administration has shaped its first devoted crypto division and named João Marco Braga da Cunha, a former govt at Hashdex, to run the brand new unit.
The division, native information outlet Livecoins stories, will sit inside Itaú’s multidesk funding construction, which oversees greater than 117 billion reais ($21.6 billion) throughout 15 buying and selling desks. The crypto group joins teams targeted on equities, credit score, and systematic methods, with the aim of increasing Itaú’s lineup of digital asset merchandise.
Itaú has over time been shifting into crypto markets. Since 2022, it has provided a bitcoin exchange-traded fund (BITI11) and a retirement plan with BTC publicity. Along with its Itaú Bitcoin Index fund, these merchandise maintain about 850 million reais ($152 million) in property.
Extra just lately, Itaú started providing direct buying and selling of cryptocurrencies by means of its cell app, together with BTC and ETH, with custody supplied in-house. The financial institution has additionally mulled launching its personal stablecoin.
The brand new unit is anticipated to roll out merchandise that vary from fixed-income-style devices to higher-risk funds tied to derivatives.