BTG Pactual, a large financial institution in Brazil focused on investments, is about to launch a platform dedicated to cryptocurrencies. Called Mynt, it will go live next quarter with Bitcoin and Ether. More cryptocurrencies are expected to be added to the offering over time to meet the growing customer demand for these assets.
A first time in Brazil
This is not a first time on a global scale. In fact, last year saw more and more banks open up to cryptocurrencies around the world. But it's unprecedented for Brazil. One of the largest financial institutions in the country, and also in Latin America, has decided to take the plunge, according to the local newspaper The Rio Times.
Starting from the last quarter of 2021, it will offer its clients the opportunity to expose themselves to cryptocurrencies, starting with the two majors, through a dedicated investment platform.
Mynt is intended to meet the growing customer demand of BTG Pactual according to Andre Portilho - the organization's head of digital assets. This is an argument that is always brandished by the traditional financial community to justify their foray into the still somewhat sulphurous field of crypto, and it certainly reflects the reality of widespread public interest in an industry that has become visible with every bullish rally.
The fact is that, eager to enter a market with juicy prospects, BTG Pactual follows the old American BNY Mellon and State Street, the DBS Bank of Singapore, the Spanish BBVA and others, German or Swiss (non-exhaustive list) that already have activated its own cryptographic services.
But it is not the first time for BTG Pactual in the world of cryptocurrencies
But in his defense, he had already taken a close interest in this new class of business. In 2019, he launched his real estate security token ReitBZ, distributed on the Tezos (XTZ) blockchain. And more recently, last spring, it became the first Brazilian investment bank to create a crypto fund with the Gemini platform as a partner.
In fact, it also tries to position itself on an educational level.
As this is a new asset class, we will also deliver content that educates and informs our customers about these assets and the technology. "
Robert Sallouti, CEO of BTG Pactual
A smart way to tackle a fringe of investors still intimidated by the tech side of crypto and who don't dare to get involved directly. An aspect that the bank takes care of even better by specifying that it is doubly supervised by authorities that should bring trust. Namely, the Central Bank of Brazil and the country's highest regulatory body, the Brazilian Securities Commission.
The institutional turning point of cryptography is confirmed despite a market still characterized by the impressive volatility so feared by mainstream investors ...
