As the cryptocurrency market gains momentum globally, banks in Latin America are stepping up to meet the rising demand for digital assets. With Bitcoin recently surpassing $100,000 per unit—a remarkable 130% increase from the previous year—financial institutions are recognizing the need to innovate and adapt. The anticipated return of the Trump administration to the U.S. presidency has also played a role in this surge, influencing market dynamics and investor sentiment. Read more about Bitcoin’s price surge.
In a region where cryptocurrency adoption is rapidly increasing, Latin American banks are exploring various strategies to integrate these digital currencies into their services while navigating regulatory landscapes. According to Chainalysis, Latin America has become the second-fastest-growing region for cryptocurrency transactions, with nearly $415 billion exchanged between June 2023 and June 2024. Learn more about cryptocurrency adoption in Latin America. This trend has prompted banks to rethink their offerings and consider how they can leverage cryptocurrencies to enhance customer experiences and streamline operations.
Maximiliano Hinz, CEO of Patex—a platform that bridges traditional and decentralized finance—notes, “On one hand, this increases customer offerings, providing more investment options. On the other hand, if banks adopt cryptocurrencies on a large scale, we could bypass systems like SWIFT for global payments, reducing operational costs for international trade.” Explore the impact of cryptocurrencies on global payments. He further emphasizes that the foreign exchange (FX) business could see significant improvements, allowing banks to sell users’ cryptocurrencies in real-time worldwide, maximizing profits during cross-border transactions.
Here are some key initiatives from Latin American banks as they navigate the cryptocurrency landscape:
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Itaú Brasil
In December 2023, Itaú Unibanco began offering cryptocurrency trading through its investment platform, íon. Customers can now buy and sell two major market assets: Bitcoin (BTC) and Ether (ETH). The head of Itaú Digital Assets highlighted the bank’s focus on understanding customer needs and aligning offerings with regulatory advancements to ensure security through structured custody. Read more about Itaú’s cryptocurrency offerings. -
Bancolombia – Wenia
Bancolombia is making strides in the cryptocurrency space with its Wenia platform. Recently, the bank launched the Wenia card and plans to introduce a stablecoin pegged to the Colombian peso (COPW) across various exchange platforms. Since its launch in May, Wenia has attracted 10,000 registered users, with 30% being new customers, aiming to reshape the perception of cryptocurrencies as viable everyday financial tools. Learn more about Bancolombia’s Wenia platform. -
Grupo Gilinski – Lulo X
Lulo Bank, part of Grupo Gilinski, has identified the limited access to foreign currency accounts in Colombia as an opportunity to offer savings products and returns in virtual dollars using stablecoins like USDC. Through its fintech arm, Lulo X, the bank is responding to the growing demand for blockchain-based solutions and virtual assets. CEO Natalia Jiménez emphasizes that the lack of local and foreign currency accounts is a common issue in the region, prompting the launch of Lulo X. Discover more about Lulo X. -
Banco Inter
Banco Inter, a Brazilian digital bank, has introduced cryptocurrency trading features within its app, allowing customers to buy and sell Bitcoin and other cryptocurrencies. The bank aims to provide a comprehensive financial ecosystem that includes traditional banking services alongside digital asset trading, catering to the growing interest in cryptocurrencies among its user base. Read about Banco Inter’s crypto features. -
C6 Bank
C6 Bank, another Brazilian digital bank, has also started offering cryptocurrency trading services, enabling customers to buy and sell Bitcoin and other cryptocurrencies directly through its app. This initiative reflects the bank’s commitment to providing a user-friendly experience for those looking to invest in digital assets, further integrating cryptocurrencies into everyday banking. Learn more about C6 Bank’s cryptocurrency services. -
RappiPay
Rappi, a popular delivery app in Latin America, has launched RappiPay, which includes cryptocurrency payment options. This service allows users to pay for goods and services using cryptocurrencies, making it easier for consumers to engage with digital assets in their everyday transactions and expanding the utility of cryptocurrencies in the region. Read more about RappiPay’s cryptocurrency integration. -
Credicorp – FX Request to Regulator
In mid-September, BCP, Peru’s leading bank, submitted a 50-page proposal to the Superintendencia de Banca y Seguros (SBS) to participate in an innovative models sandbox, aiming to pilot a Bitcoin trading platform. The regulator’s response was expected by mid-November, but as of now, it remains unclear whether the proposal was approved. Learn more about Credicorp’s regulatory efforts. -
Towerbank – Ikigii
Panama’s Towerbank expanded its offerings this year with the launch of Ikigii, a dual cryptocurrency-dollar wallet. Last year, the bank’s Vice President of Technology indicated plans for international expansion, aiming to become the leading crypto bank in Latin America. In 2023, Towerbank introduced a crypto-friendly account that facilitates deposits and payments in cryptocurrencies, addressing the rising demand for these assets. Discover more about Towerbank’s Ikigii wallet. -
Grupo Galicia
Banco Galicia made significant progress in Argentina by launching a cryptocurrency trading service for three days and eight hours in May 2022. The bank recognized that many customers were already transferring funds to cryptocurrency exchanges, indicating a growing demand for these assets. However, the enthusiasm was curtailed by the Central Bank of Argentina (BCRA), which intervened and prohibited financial institutions from offering cryptocurrencies, leading the bank to deactivate the service and refund customers. Read more about Banco Galicia’s cryptocurrency service.
As Latin American banks continue to explore the integration of cryptocurrencies, the landscape is poised for significant transformation in 2025. With increasing regulatory clarity and a growing appetite for digital assets, these institutions are well-positioned to capitalize on the evolving financial ecosystem. The combination of traditional banking services with innovative cryptocurrency solutions reflects a broader trend toward modernization in the region’s financial sector, ultimately benefiting consumers and businesses alike.
With the ongoing developments in cryptocurrency adoption and integration, it will be fascinating to observe how these banks adapt and innovate in the coming year, potentially setting new standards for financial services in Latin America and beyond. Stay updated on cryptocurrency trends.