The biggest investment bank in Brazil, BTG Pactual, is launching a new platform – Mynt, that will allow direct buying and selling of Bitcoin and Ethereum.
The CEO of BTG Pactual, Roberto Sallouti, explained that this was a move to meet the demand of customers who wished to invest in crypto. Further, as a new asset class, the bank will provide content to educate customers on this new offering.
Because this new venture is still in its preliminary stages, only a small portion of your investment portfolio- up to 2%, is recommended towards crypto assets. Bitcoin and Ethereum are the only supported currencies right now, with prospects to include other cryptos over time.
“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”Head of BTG Pactual digital assets, Andre Porthilo said.
Porthilo acknowledged that the Brazillian Security Commission and the Local Central Bank regulates the bank. Corporations with these bodies will help lend credibility to banks regarding rapidly growing crypto adaptions in the finance sector.
This Mynt launch by Brazil’s biggest investment bank makes BTG Pactual the first Brazillian investment bank to allow customers to participate directly in crypto markets.
BTG Pactual Journey to Crypto Embracement
BTG was founded back in 1983 by the Brazillian government and their current administration. The bank has grown to offer wealth management services throughout the years, alongside corporate lending and asset management. The bank estimated makes a revenue of up to $2billion yearly with over $72 billion worth of assets under control.
In April of this same year, the bank launched a crypto fund -the Bitcoin 20 Multi-Market Investment Fund -to act as its custodian.