Brazilian Asset Manager BTG Launches Bitcoin Trading Platform
Cryptocurrency adoption appears to be kicking into high gear in Latin America, with companies and government organizations embracing crypto more.
The latest organization to embrace the industry is BTG Pactual – a top investment banking and asset management firm in Brazil.
BTG Goes For BTC
Earlier today, local news source The Rio Times confirmed that BTG Pactual launched a new crypto trading platform that allows Brazilian traders to buy and sell cryptocurrencies. The new platform is dubbed Mynt and is open to all Brazilians.
The platform would initially support the trading of Bitcoin and Ether, while other digital assets are expected to follow in the future.
Company chief executive Roberto Sallouti explained that the launch of Mynt was in response to increased demand among locals. He added that besides just letting people buy and trade cryptocurrencies, Mynt would also host educational content to inform crypto newbies and help them make better investment decisions.
Mynt’s launch means that BTG Pactual is the first major Brazilian financial institution to allow customers to participate in cryptocurrency markets. The company is regulated by both the Brazilian central bank and the Brazilian Securities Commission, and it will be looking to operate all its crypto services in line with current regulations.
Mynt represents BTG’s further entry into the crypto market. Earlier this year, Brazil Journal reported that the investment bank had started a crypto investment fund -c allied the Bitcoin 20 Multi-Market Investment Fund. The fund was approved in March, and it was the first Bitcoin fund launched by a Brazilian investment company.
The fund invests20 percent of its assets under management into Bitcoin, while 55 percent is allocated into treasury bonds. 20 percent is allocated to bank deposit certificated, and the other 5 percent to repo operations.
BTG’s Bitcoin fund also partnered with American crypto giant Gemini earlier this year for custody. The partnership will see Gemini Fund Solutions and Gemini Custody – two of Gemini’s subsidiaries – offer custody for BTG’s crypto assets.
South America Opening Up to Crypto
BTG has explained that its objective is to make crypto truly democratized and offer avenues for everyone to invest in the assets, regardless of their purchasing power.
Now that BTG is moving deeper into crypto, it would appear that the industry is finding a home in South America. This year has already seen several developments come from the region, with the most prominent being El Salvador’s decision to accept Bitcoin as an acceptable means of payment in the country.
VISA has also announced plans to integrate Bitcoin payments in Brazil. Earlier this month, Eduardo Abreu, the company’s vice president of new business, told local news source Seu Dinheiro that they plan to integrate crypto as both a store of value and a means of payment. This could be an avenue for even greater crypto adoption in the country.