The major Brazilian bank – BTG Pactual – will enable its customers to trade digital assets directly through a new platform called Mynt. The offering will be available from the next quarter and will include the two leading cryptocurrencies – bitcoin and ether.
The New Crypto Opportunity
According to a local report, the initiative, which would start from the next quarter, would make Banco BTG Pactual S.A. (BTG Pactual) the first Brazilian bank to offer such services. Andre Portilho – the head of digital assets at the organization – confirmed the move. He also revealed that the institution intends to add more cryptocurrencies in the future:
“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.”
Per a recent survey, almost every third person in Latin America is interested in cryptocurrencies. However, most people don’t invest in bitcoin or any other altcoins because they lack sufficient knowledge. With that said, BTG Pactual’s intention to implement educational functions about digital asset technology on its new platform could positively impact the local population.
“We believe that this, with all the educational content that we are going to develop, will not only distinguish our platform but will also help develop the market,” Portilho said.
BTG Pactual is among Brazil’s five largest financial institutions and has headquarters in the country’s megapolises – Rio de Janeiro and São Paulo. It is also the biggest investment bank in Latin America and the Caribbean.
The Bank’s Previous Crypto Endeavors
The aforementioned initiative is not BTG Pactual’s first engagement with the cryptocurrency industry. As CryptoPotato reported in May, it launched a security token known as ReitBZ.
By deploying it on the Tezos (XTZ) blockchain, BTG Pactual became the first company to make such a move. The bank revealed that it would use the token for future security token offerings (STOs). Back then, Portilho opined that Tezos was “robust” enough to handle this kind of an operation:
“We decided to issue ReitBZ in partnership with the Tezos Foundation to test the Tezos blockchain so that we can use the technology to execute more complex future STOs. We are confident that the Tezos solution is technically robust, and this issuance enables us to guarantee more resources to invest in ReitBZ moving forward.”