Financial institutions have been eager to be a part of the rapidly growing $2 trillion cryptocurrency market, with the world’s 13 largest banks funding nearly $3 billion in cryptocurrency so far. BTG Pactual, one of Brazil’s leading investment banks, is trending within the crypto community. It launched a new platform that enables customers to make direct investments in cryptocurrencies. Ergo, it is the first major financial institution in Brazil to participate directly in the cryptocurrency market.
“… the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ customers to directly trade, cryptocurrencies such as bitcoin and ether.”
Andre Porthillo, Head of Digital Assets at BTG Pactual, stated,
“At this first moment, we will have two main assets in the market, but we will be adding other cryptos to trade over time. We will have a complete platform with blockchain-based assets.”
One thing that is common with the various banks that incorporate these tokens is that they are responding to “demands from our customers who want to trade crypto”. This news is no different.
BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. “As a new asset class, we will also have the material to educate and inform our clients about these assets and technology,” he added.
Needless to say, Brazil saw an enormous amount of crypto traction. That said, regulators have also taken steps to curb illegal activities. As stated by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank.
The bank had earlier also incorporated digital assets in past operations as well. In 2019, IT launched its real estate-backed security token ReitBZ. The move was carried out after scrutinizing digital assets for a few years. More recently, the bank announced a collaboration with US-based crypto exchange Gemini. Gemini provided custody services to the first bitcoin fund issued by a Brazilian investment bank.