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

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 crypto asset space has unique characteristics for generating alpha returns. It is a relatively new market, and its volatility creates significant opportunities," said Cunha, who previously served as Director of Portfolio Management at Hashdex, one of Brazil's first cryptocurrency ETFs.