Brazil’s largest private asset manager Itaú Asset Management has formed its first dedicated crypto division and named João Marco Braga da Cunha, a former executive at Hashdex, to run the new unit.

The division, local news outlet Livecoins reports, will sit within Itaú’s multidesk investment structure, which oversees more than 117 billion reais ($21.6 billion) across 15 trading desks. The crypto team joins groups focused on equities, credit, and systematic strategies, with the goal of expanding Itaú’s lineup of digital asset products.

Itaú has over time been moving into crypto markets. Since 2022, it has offered a bitcoin exchange-traded fund (BITI11) and a retirement plan with BTC exposure. Together with its Itaú Bitcoin Index fund, these products hold about 850 million reais ($152 million) in assets.

More recently, Itaú began offering direct trading of cryptocurrencies through its mobile app, including BTC and ETH, with custody provided in-house. The bank has also mulled launching its own stablecoin.

The new unit is expected to roll out products that range from fixed-income-style instruments to higher-risk funds tied to derivatives.