A major Brazilian investment bank, Banco BTG Pactual SA (BTG Pactual), has announced that it plans to introduce a platform for blockchain-based investments.
BTG Pactual, one of the five largest financial institutions in Brazil, is also the largest investment bank in Latin America and the Caribbean. The investment bank recently announced that it is building its Mynt cryptocurrency arm, which will be available in the next quarter and enable Bitcoin and Ethereum services to its customers.
The initiative is scheduled to begin in the next quarter, in which BTG Pactual wants to enable its customers to trade digital assets directly via the new platform called Mynt. The bank announced that it would make the crypto service available to users of BTG Pactual digital and BTG +, their digital bank.
The crypto service will begin offering two major cryptocurrencies, including Bitcoin and Ethereum, with the bank planning to expand support for other crypto assets in the future.
Andre Porthilo, Head of Digital Assets at BTG Pactual, spoke about the development and said:
“In that first moment we will have the two most important assets in the market, but over time we will include other cryptos for trading. We will have a complete platform with blockchain-based assets. “
Meanwhile, BTG Pactual CEO Roberto Sallouti said the development of the Mynt platform is in response to increased demand from customers looking to trade cryptocurrencies.
Sallouti went on to explain that Mynt would also provide content to educate and educate new users about cryptocurrency technology.
“As a new asset class, we will also have content to educate and inform our customers about these assets and the technology,” said Sallouti.
The above initiative is not BTG Pactual’s first engagement in the crypto industry. The bank began researching the cryptocurrency industry in 2017.
In May 2019, BTG Pactual tapped the Tezos blockchain and finally started issuing its ReitBZ security token and is now planning to use the token for future security token offers (STOs). In April of this year, the bank launched a Bitcoin fund whose custody service is offered by Twins, the US-based crypto exchange.
Crypto is becoming mainstream
Bitcoin is an investment product that more and more people are interested in, and traditional banks are keeping an eye on this trend.
BTG Pactual joins the growing number of traditional banks offering Bitcoin services to their customers.
Significant institutional adoption of Bitcoin and crypto assets has been observed in the past few months. Institutional investors are beginning to see the value of cryptocurrencies and are looking for more ways to get involved in the crypto market.
A list of the 13 largest banks in the world, including Morgan Stanley, JP Morgan Chase, Goldman Sachs, Bank of America, and others, have moved on to offering crypto services to their customers in an attempt to capture part of the booming $ 2 trillion cryptocurrency market .
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