The largest investment bank in Latin America, BTG Pactual, began its cryptocurrency brokerage services on Monday, August 15.
Brazilian and Latin American banks have been hurryin
Brazilian and Latin American banks have been hurrying to establish themselves in the cryptocurrency market. The demand for crypto assets in this region has dramatically increased amid shaky economic conditions. The BTG Pactual announcement was made the same day when XP, another rival, started its services.
The cryptocurrency trading platform, known as Mynt, will be released as a distinct item. Exchanges have, however, been subject to some deposit and withdrawal limitations as a result of regulatory action. Head of Digital Assets André Portilho said:
“We are working on this feature. In weeks or months, we plan to release. We think that clients will want to bring the assets to BTG, given the cases we had of withdrawal restrictions”.
The CEO added that stablecoin integration into their platform is something else they are working on. Whether it would be the bank’s own native stablecoin or one from a third-party issuer, Portilho declined to comment.
Cryptocurrencies Supported By Mynt
Five cryptocurrencies will initially be supported via the Mynt platform from BTG Pactual. This applies to Solana, Cardano, Ether, Bitcoin (BTC), and Ether (ETH) (SOL). We will list more coins, but that will rely on client demand and our internal project appraisal procedure, according to Portilho.
The executive did not, however, venture a forecast for cryptocurrency prices. Portilho was quoted as saying by regional news source Portal do Bitcoin: “I don’t know if we’ve touched the bottom yet, for example.”
Interestingly, he also commented about the Bitcoin halving cycle and the bull run that follows. Portilho said: “The halving has become a bitcoin price drive myth. In the past it was undoubtedly important, but today it is no longer”.
With the largest investment bank in LatAm joining the crypto bandwagon, more financial players are likely to participate in the space.