The principal asset manager in Brazil, Itaú Asset, has also created a crypto division to develop ETFs, mutual funds, custody services, and staking products.
The relocation builds upon the firm’s existing digital asset products, such as a Bitcoin ETF and crypto-exposure retirement products.
New Division to Offer Bond-Like and High-Volatility Crypto Products
The new crypto-centered business will be founded as a mutual fund of Itaú Asset, which manages over 117 billion reais. The team will work on conservative and high-risk products, such as bond-like digital assets, derivatives, and staking-based products. The division will be headed by Joao Marco Braga da Cunha, who served as an executive of Hashdex. Cunha highlighted the chance of alpha making in the crypto market because it is uniquely volatile.
Itaú Strengthens Digital Asset Presence in a Growing Market
Itau Asset already enables users to trade ten crypto pairs via its mobile platform, which includes crypto assets such as Bitcoin, Ether, Solana, and USD Coin. In-house custody is provided on the platform, as per the regulatory requirements. The introduction of its own full-fledged crypto unit is an indication that this firm is more invested in digital finance. Itaau can develop regulated, diverse crypto funds and products due to the diverse background of Cunha in crypto ETFs and fund management.
Brazil’s Regulatory Climate Fuels Crypto Momentum
Brazil is the 10th most widely adopted crypto in the world due to a favorable regulatory environment. In 2023, crypto legislation was enacted that put crypto asset companies under the supervision of the central bank. After that, Itaú Unibanco made crypto trading available to retail customers, beginning with Bitcoin and Ether. In early 2025, Hashdex authorized the first XRP ETF in Brazil. After a short while, Braza Bank announced its intention to introduce a stablecoin tied to the real based on the XRP Ledger.
But regulatory changes are still creating ambiguity. In June 2025, a tax reform proposed a flat capital gains tax of 17.5% on crypto. It also eliminated the 35,000 reais per month limit and imposed taxes on DeFi, self-custody, NFTs, and offshore assets. Extensive backlash saw the executive order repealed in the same month.
Brazil’s rising crypto adoption and policy developments position it as a key player in Latin America’s digital finance space. Itaú’s latest move reflects growing institutional interest and signals further integration of crypto into the nation’s financial infrastructure.
