Brazilian Banks Expand Crypto Offerings as Regulation Takes Hold

In brief

• Brazil's crypto market hit a record R$505.5 billion ($98.7 billion) in 2025, up more than fivefold from R$94.9 billion in 2020, according to Receita Federal data.
• Itaú now offers 15 cryptoassets and Nubank lists 28, while Banco do Brasil says its bitcoin and Ethereum service has moved more than R$11 million ($2.1 million) since January.
• Central Bank filings reviewed by Folha show zero proprietary crypto holdings at Brazilian banks as of March 2026, even as client-facing crypto shelves keep growing.

Itaú, Brazil’s largest bank by assets under management, now sells clients 15 different crypto assets through its investment app, including Bitcoin, Ethereum, and the dollar-pegged stablecoin USDC.

Nubank, Brazil’s largest fintech, lists 28. Banco do Brasil, Brazil’s most lucrative public bank, which started letting customers buy Bitcoin and Ethereum directly in January, told Folha de S.Paulo the service has already moved more than $11 million reals ($2.1 million) in transactions.

None of that money touches the banks' own balance sheets. Central Bank filings dated March 2026 and reviewed by Folha show zero holdings of virtual assets on the books of Brazilian banks, even though institutions can custody and process crypto on clients' behalf.