BTG Pactual could become the first bank in Brazil to offer cryptocurrency trading directly. With the launch of Mynt, the bank must initially allow the purchase and sale of Bitcoin and Ethereum.
In addition to bitcoin and eth, the arrival of other cryptocurrencies such as Chainlink, Polkadot and Uniswap is expected, as suggested by the website’s homepage. For now, the platform called Mynt is still in its early stages and only offers one registration on the waiting list.
The forecast is that the wait ends at the beginning of next semester and whoever is registered will have access to a class on how to invest in cryptocurrencies.
According to André Portilho, head of Digital Assets at BTG, the objective is to give clients the opportunity for a complete investment experience. In addition to consolidating his investments, having a checking account and a card, he now has crypto, he explained.
For the CEO of BTG Pactual, Roberto Sallouti, cryptocurrencies represent a new class of assets and the bank should create educational content on the subject.
“As a new asset class, we will also have content to educate and inform our customers about these assets and technology. For those who want to invest in these assets, we always recommend that it be a small portion of your portfolio, up to 2% of your investment portfolio.”
The bank’s entry into the cryptocurrency market, however, did not happen all at once. BTG Pactual, co-founded by Paulo Guedes in 1983, embraced cryptoactives in 2019 when it created its own Security Token.
In addition, in April of this year BTG began offering bitcoin funds such as BTG Pactual Bitcoin 20 FIM. Currently, the bank even has a fund with 100% exposure to the BTC with more than R$275 million in equity.
Traditional market and Bitcoin, new XDEX?
It is worth noting that this is not the first time that a large player in the traditional market has opened a bitcoin broker. The founders of giant XP have already ventured into the crypto world with XDEX, which ended up closing its doors in March 2020.
Considered ahead of its time, XDEX came before the institutional adoption of Bitcoin. Traditional investors had not yet embraced the idea of diversifying into cryptocurrencies.
With Bitcoin funds and ETFs being approved, the market may now be at a different stage of maturation. Although for a long time it was believed that Bitcoin would kill the business model of banks, today there is the possibility that just the opposite will happen, the BTC could save the banks.
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