Brazil’s Investment Bank to Offer Cryptocurrency Services

Brazil’s biggest investment  bank, BTG Pactual, has agreed to offer cryptocurrency services to customers. According to reports, BTG will launch a platform called Mynt to enable users to purchase and sell BTC and ETH directly. The bank revealed that offering cryptocurrency services will expose their customers and traditional financial providers partners to digital assets.

BTG’s Planned Launch, Stimulated by Growing Demands

BTG Bank has always had an interest in cryptocurrency, but the planned launch of its trading platform Mynt is due to the rising demands from customers who have always wanted to invest in virtual assets. BTG Executive Roberto Sallouti, while speaking to the media, revealed that meeting customers’ demands has always been their main goal. With the rising interests in crypto investments, the need to launch a platform to meet their goals became imminent. 

Sallouti added that the trading aspect isn’t the only thing the platform is designed for. According to the CEO, Mynt would have educational content about virtual assets directed towards their customers, bringing them up to speed with what’s happening in the industry. He advised that those who would like to invest in cryptos should start with a small portion of their portfolio, less than 2%. 

BTG Bank is also a wealth management company, asset management company, and a corporate lending firm with a revenue of $2B per year. The bank has over $72B worth of assets under management, making it one of the biggest asset management companies in South America.

BTG Pactual was co-founded by Brazil’s sitting Economy Minister, Paulo Guedes, and the federal government in 1983. The interest in crypto has risen tremendously in Brazil over the last two years. In April, BTG established the BTC 20 Investment Fund, the first-ever by Investment Bank in the nation. Traditional financial institutions, including providers, are adopting crypto use. Undoubtedly, this influenced BTG’s plan to launch Mynt. 

Brazil Has Flexible Crypto Regulations

Brazil is one of the few countries with flexible BTC regulations globally. Last month, the President of Brazil’s Central Bank, Robert Neto, publicly endorsed cryptocurrency use and regulations at an online event. Neto is a staunch supporter of crypto and has enacted decisions to make the space more comfortable for its citizens since he came into office. 

For the past few years, the country has been integrating crypto-related services into some of its sectors. In early September, financial service provider Visa once reportedly planned to integrate Bitcoin payments. Visa has over 170 million global customers, offering more than 170 currencies on its platform. The board revealed that adopting BTC would require the financial institutions to integrate crypto to enable customers to have more options when transacting.