Why BTG Pactual is launching a crypto platform
Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading.
The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital assets, he says. The story was first reported by several outlets this week, including Brazilian crypto news site Livecoins and The Rio Times.
“Our purpose is to offer access to investments in crypto assets in a simple, direct and secure way,” Portilho told The Block. “In addition, we will have content for people to know how to invest in new financial market scenarios.”
According to Portilho, BTG Pactual customers will be able to access Mynt through the websites and apps of BTG Pactual digital, and the digital bank BTG+. Users should be able to buy and sell bitcoin before the end of the year, the digital asset chief said, noting that the bank has not yet defined a specific date for the Mynt launch. He confirmed that the new platform does not require approval from Brazil’s Securities and Exchange Commission (CVM for its name in Portuguese).
BTG Pactual says its decision to offer the crypto platform is based on market demand, and also builds on its reputation as a “pioneer” in crypto assets.
“Crypto is strengthening as a new class of assets, and we have seen increasing demand from our clients to access this market in a secure manner,” Portilho said. “Mynt's launch builds on that.”
However, this isn’t the first time the bank has incorporated crypto assets into its offerings, Portilho points out. He noted that in May 2019, BTG Pactual launched ReitBZ, which it calls the “first security token launched by a bank in the world.” The bank also launched two Bitcoin funds this year—BTG Pactual Bitcoin 20 FIC FIM IE and the 100% bitcoin BTG Pactual Bitcoin 100 FIC END IE.
BTG Pactual’s announcement fits in with the wider trend of traditional financial institutions around the world getting into crypto and digital assets, as well as an increased interest among Brazilians to use cryptocurrencies for investment purposes.Source