BTG Pactual, a leading investment bank in Brazil, has announced the launch of a new application that will enable customers to invest in cryptocurrencies. Besides supporting Bitcoin and Ethereum, the bank also plans to support a wide range of altcoins.
BTG’s Mynt platform currently makes it possible for users to buy BTC and ETH. However, Andre Porthilo, the head of digital assets at BTG Pactual, stated that, “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.”
App to Meet Increased Customer Demand
The CEO of BTG Pactual, Roberto Sallouti, stated that the development of the Mynt platform was because of increased customer demand for such a service. Sallouti stated that there was an increased number of customers who wanted to trade in cryptocurrencies.
The CEO of BTG also stated that the app would offer features that facilitate crypto trading and provide educational resources that will enable new users to learn more about cryptocurrencies and blockchain technology. He stated that because cryptocurrencies were a new asset class, the educational resources would teach the bank’s clients more about the space.
A local news publication, the Rio Times, stated that the launch of this new crypto trading application would make BTG the largest financial institution in Brazil to enable its customers to engage with crypto assets directly.
Bring Credibility to the Crypto Sector
Porthilo added that the fact that the bank is regulated in Brazil would bring credibility to the booming crypto sector. The investment bank is regulated by Brazil’s Central Bank and the Brazilian Securities Commission.
He further added that “With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility.” According to Porthilo, these characteristics would play a key role in introducing people to this asset class they had little knowledge about.
The launch of the Mynt platform is not the first attempt of BTG investment bank to venture into cryptocurrencies. In 2019, the investment bank launched ReitBZ, a security token backed by real estate. Before this, the firm was involved in research about digital assets.
In April 2021, BTG Pactual became the first investment bank in Brazil to launch a crypto fund. This was after the firm launched the Bitcoin 20 Multi-Market Investment Fund, whose objective was to also meet client demand for crypto investments.
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