Brazilian Investment Bank Rolls-Out Cryptocurrency Trading Application

The cryptocurrency industry continues to expand as many financial players join to utilize its constantly emerging opportunities.

There have been plans amongst many central banks around the globe to launch digital coins in the name of CBDCs. Many financial institutions, especially in the investment markets, are taking the lead to support the industry.

In recent news, a Brazillian investment bank has rolled out a crypto-trading app that features many altcoins. BTG Pactual customers can now utilize this app for direct crypto investments. For now, users of its Mynt platform can buy both Ether and BTC. However, the bank is also making plans to support more crypto assets.

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Brazilian Investment Bank Rolls-Out Cryptocurrency Trading Application

Brazilian Investment Bank Rolls-Out Cryptocurrency Trading Application

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According to the bank’s head of virtual assets, Andre Porthilo, there will be more cryptos to trade on the platform very soon.

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The CEO, however, mentioned that they only fulfilled the wants of their customers. Robert Sallout disclosed that many of their clients showed interest in cryptocurrency investment. So the bank had no choice but to provide access for them.

Plans To Hold Cryptocurrency Training

The crypto industry is becoming more popular, with El Salvador adopting BTC as a legal tender. However, many people still don’t understand the mechanics of the industry. As such, BTC Pactual aims to provide training geared towards cryptocurrency education, especially for its users.

Related Reading | Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto

According to the CEO, the bank has to educate its customers about the technology and the available cryptocurrency assets in the financial markets.

The app known as Mynt has placed the investment bank at the forefront in the Brazilian market. No other investment bank has done what BTC Pactual has done by allowing their customers to invest directly into crypto.

Moreover, Porthilo mentioned that the bank is operating under strict regulations of the Brazilian central bank and its SEC. So, users will use the app with ease, given the top bodies regulating it.

BTC Pactual’s Journey So Far

Before launching Mynt, the investment bank had earlier launched a security token, ReitBZ, backed with real estate. The launch was two years ago, but earlier, the bank spent time analyzing digital assets.

Related Reading | Bitcoin “Supertrend” Begins As Buy Signals Stack On All Major Timeframes

Apart from the Mynt launch this year, BTC Pactual had earlier launched a Bitcoin 20 Multi-Market investment fund. This move placed the bank at the top institution that has launched a cryptocurrency fund amid other investment banks in Brazil.

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Top Brazilian investment bank BTG Pactual launches crypto trading app

Leading Brazilian investment bank BTG Pactual has launched a new platform enabling customers to make direct investments in cryptocurrencies.

The bank’s Mynt platform currently allows users to purchase Bitcoin and Ether, with BTG Pactual expressing its intention to launch support for additional crypto assets in the future. Andre Porthilo, BTG Pactual’s head of digital assets, stated:

“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.”

BTG Pactual CEO, Roberto Sallouti, described Mynt’s creation as being in response to “demand from our customers who wish to trade crypto.”

Sallouti added that Mynt plans to host education content designed to inform new users about cryptocurrencies and blockchain technology, stating: “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”

According to local news outlet The Rio Times, Mynt’s launch makes BTC Pactual the first major Brazilian financial institution to allow its customers to “participate directly” in the crypto asset markets.

Porthilo asserted that the bank’s status as being regulated by both the Brazilian Securities Commission and local central bank will lend credibility to the country’s burgeoning crypto sector.

“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility [—] characteristics that are fundamental in a new category of investments with which most people [are] not yet used to,” he added.

Related: Visa reportedly aims to integrate Bitcoin payments in Brazil

Mynt is not BTG Pactual’s first foray into the crypto sector, with the bank launching its real estate-backed security token ReitBZ in 2019 after spending a couple of years examining digital assets.

In April of this year, BTG Pactual also became the first Brazilian investment bank to launch a crypto fund after unveiling its Bitcoin 20 Multi-Market Investment Fund.