Latin America’s largest investment bank has launched a cryptocurrency exchange in Brazil.
The exchange will only support bitcoin and any other cryptocurrency at launch.
BTG Pactual has approximately $200 billion in assets under custody.
BTG Pactual, Latin America’s largest investment bank, has launched a bitcoin and cryptocurrency exchange in Brazil, according to an announcement from the bank.
The bank’s new trading platform is called Mynt and will give users direct access to bitcoin, placing it among the first leading financial institutions in Brazil to do so. Additionally, the investment bank, which has over $200 billion in assets, will provide educational content about bitcoin to all its users once users open an account.
“Content will be a part of Mynt at all levels,” Pedro Frazao, Mynt product manager, said in an interview before its launch.
“Any product we launch will come with content such as a video or paper that lets the customer know more about what they are investing in, and if they have any questions, the app has a 24/7 chat function.” Frazao continued.
BTG’s partner and head of digital assets, Andre Portillo, in the same interview with Mynt’s chat, “Bitcoin is supported by what?” When asked, he said that the application gave the following answer:
“Bitcoin’s support is not physical. It is powered by the mathematics that supports the blockchain, and this technology guarantees the security of its transactions.”
However, it remains unclear at this time who will support Mynt and who will serve as the guardian of physical bitcoin. At launch, Mynt customers will not be able to withdraw their bitcoins from the platform to protect themselves; however, the platform plans to enable such functionality in the future.
However, the company still believes that the financial world is heading toward changing tides.
“Our vision is that crypto technology will do to the financial industry what the internet has done to the information industry, completely changing it,” Portillo said in the interview.
BTG Pactual announced earlier today XP Inc., which offers bitcoin trading services on its brand new platform, Stage. Joins the ranks of other institutions entering the growing Brazilian market, such as banking giant Santander, has also started discussing its plans to enter the ecosystem.