Why BTG Pactual is launching a crypto platform

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Brazil-based BTG Pactual, Latin America’s largest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ethers trading.

The platform will be called Mynt and will allow customers to buy bitcoin and ether, BTG Pactuals’ head of digital assets, Andr Portilho, told The Block. Eventually, the platform will support other digital assets, he says. The story was first reported by multiple media outlets this week, including Brazilian crypto news site Livecoins and The Rio Times.

Our goal is to provide access to investments in crypto assets in a simple, straightforward and secure manner, Portilho told The Block. In addition, we will have content for people to know how to invest in new financial market scenarios.

According to Portilho, BTG Pactual customers will be able to access Mynt through the websites and apps of BTG Pactual digital and BTG + digital bank. Users should be able to buy and sell bitcoin before the end of the year, the digital asset chief said, noting that the bank has yet to set a specific date for the launch of Mynt. He confirmed that the new platform does not require approval from the Brazilian Securities and Exchange Commission (CVM for its name in Portuguese).

BTG Pactual claims that its decision to offer the crypto platform is based on market demand and also builds on its reputation as a pioneer in crypto assets.

Crypto is gaining strength as a new asset class, and we have seen an increasing demand from our clients to access this market in a secure manner, Portilho said. Mynt’s launch builds on this.

However, this is not the first time that the bank has incorporated crypto assets into its offerings, Portilho points out. He noted that in May 2019, BTG Pactual launched ReitBZ, which he calls the first bank-launched security token in the world. The bank also launched this year two Bitcoin funds BTG Pactual Bitcoin 20 FIC FIM IE and the 100% bitcoin BTG Pactual Bitcoin 100 FIC END IE.

BTG Pactuals’ announcement is part of the broader trend for traditional financial institutions around the world to embark on crypto and digital assets, as well as the increased interest of Brazilians in using cryptocurrencies at investment purposes.

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