Brazil’s largest private asset manager, Itaú Asset Management, has launched its inaugural dedicated cryptocurrency division, appointing João Marco Braga da Cunha, previously of Hashdex, to lead it.

The division will be integrated into Itaú’s multi-desk investment framework, which manages assets exceeding 117 billion reais (approximately $21.6 billion) spread across 15 trading desks. The new crypto team will enhance Itaú’s suite of digital asset offerings.

Itaú has progressively ventured into the cryptocurrency space, having previously introduced a Bitcoin exchange-traded fund (BITI11) and a retirement solution that includes Bitcoin exposure. In conjunction with its Itaú Bitcoin Index fund, these products collectively hold about 850 million reais (around $152 million).

Recently, Itaú expanded its offerings to include direct cryptocurrency trading via its mobile application, which supports Bitcoin and Ethereum transactions, alongside in-house custody services. The bank is also considering the introduction of its own stablecoin.

This new unit is set to deliver products ranging from fixed-income instruments to high-risk funds that incorporate derivatives.