Itaú Asset, the investment fund arm of Latin America's largest bank by AUM, is offering a physically backed crypto ETF listed in Brazil. 

Via a partnership with Mike Novogratz's Galaxy Digital, the IT Now Bloomberg Galaxy Bitcoin ETF will start trading as markets open today on Brazil's B3 stock exchange, according to a news release. It will begin by offering investors exposure to bitcoin, and later develop so that investors can access other strategies in the digital asset space. 

"We aim to offer the best solutions to our clients to meet their investment needs in a diversified way and with an international scope," said the head of strategy at Itaú Asset, Renato Eid Tucci. "This partnership combines the solidity and credibility that we have built over more than 60 years at Itaú Asset with the strength and expertise of Galaxy as one of the most experienced players in the global digital asset space."

Itaú Unibanco's partnership with Galaxy comes amid fluctuations in the crypto ETF space. Last week, it was reported that three Australian crypto exchange-traded funds intend to delist their offerings amid a slump in asset prices. This followed an October report outlining how Hong Kong regulators have detailed the basic requirements that exchange-traded fund managers must meet to list crypto products, including ETFs, in the city.

Galaxy Digital is one of the crypto companies that has disclosed exposure to FTX amid the crypto's exchange's ongoing crisis.