Brazil's largest private asset manager, Itaú Asset, has launched a dedicated cryptocurrency division.

PANews reported on September 6th that, according to Cointelegraph, Itaú Asset Management, Brazil's largest private asset management firm, has established a dedicated cryptocurrency division and appointed former Hashdex executive João Marco Braga da Cunha to lead it. The division builds on Itaú Asset's existing cryptocurrency products, including the bank's Bitcoin ETF and a retirement fund offering digital asset investments. Itaú Asset manages over 1 trillion reais (US$185 billion) in assets for its clients.

“The cryptoasset space has unique characteristics for generating alpha. It’s a relatively new market and its volatility creates huge opportunities,” said Cunha, who previously served as director of portfolio management at Hashdex, one of the first cryptocurrency ETF owners in Brazil.