BTC And ETH Get A Brazilian Banking Buddy: Itau Unibanco

Brazil’s largest lender, Itau Unibanco, has rolled out a cryptocurrency trading service, initially spotlighting $BTC and $ETH. This move marks the bank’s grand entrance into the bustling world of digital assets. 🏦

Guto Antunes, the mastermind behind Itau’s digital assets, shared with Reuters that this is just the beginning. “Bitcoin first, but we’ve got our eyes on a broader crypto horizon,” he hinted. 

Itau’s not the only one grooving to the crypto beat. Banks worldwide are catching the blockchain bug. HSBC has integrated blockchain into its operations, while European banks like Commerzbank and Societe Generale are responding to the growing appetite for digital currencies. Germany’s DZ Bank is also prepping a digital asset custody platform.

And let’s not overlook Robinhood, the finance world’s maverick, expanding its reach to European and UK traders.

As one of Brazil’s banking giants, Itau’s embrace of Bitcoin and Ethereum is more than just a trend; it’s a testament to the growing influence of digital currencies in the mainstream financial sector. 💱

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From Flood to Trickle: GBTC’s Outflow

Grayscale’s recorded its lowest daily outflow since becoming an ETF, with just $44.2 million on February 23. 💧

The decrease in outflows marks a potential turning point for GBTC, which has experienced a total of $7.4 billion in outflows to date. In contrast, other funds like Blackrock and Fidelity have seen substantial inflows, totaling $6.6 billion and $4.7 billion, respectively.

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Technically Speaking – February 21, 2024

My first Litepaper and first Technically Speaking since my short break and the transition to a new newsletter service have me swamped. 🥵

But there was no way I was not going to a Technically Speaking – so we’ll keep this one short and sweet. 

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