Itaú Asset, Brazil’s largest private asset manager, has created a new, dedicated crypto division. The new unit will focus on developing and managing various digital asset products, including mutual funds, ETFs, custody services, and staking strategies. This move expands on Itaú's existing crypto services, which already include a Bitcoin ETF and direct trading for select cryptocurrencies.
The new crypto arm will be led by João Marco Braga da Cunha, a former executive from Hashdex, a major crypto asset manager. Cunha, who sees the crypto market's volatility as a source of "alpha" or outsized returns, will be in charge of creating a range of products—from lower-risk, bond-like vehicles to higher-risk derivatives and staking-based funds.
This expansion aligns with Brazil's growing prominence in the crypto space. The country currently ranks 10th globally in crypto adoption, thanks in part to a clear regulatory framework established in 2023. This framework has allowed major players like Itaú to launch compliant services, signaling a maturing market. Other recent developments in Brazil include the launch of the nation’s first spot XRP ETF and a real-linked stablecoin project.
Despite the positive momentum, regulatory changes still pose some challenges. A recent attempt to implement a flat 17.5% tax on crypto capital gains was swiftly repealed after facing strong criticism. Overall, however, Brazil is emerging as a leader in integrating crypto into its traditional financial system, attracting both investment and innovation.
September 2025, Cryptoniteuae