BTG Pactual, one of the top banks in Brazil, has launched a new crypto-trading platform. With the new platform, customers can now invest in cryptocurrencies easily. This development opens up new investment channels for Brazilian investors.
The bank had also expressed its interest in supporting additional cryptocurrencies. However, it has not made any actual moves in that direction yet. This move will positively impact BTC adoption in Brazil. Bitcoin is going to be introduced to many users as an investment option.
What is MYNT?
MYNT is a platform that enables merchants to make and accept payments. MYNT specializes in payments, loans, business solutions, and platforms. BTG Pactual is using its MYNT platform to allow users to invest directly into crypto.
Interview with the BTG Pactual Bank Officials
According to Roberto Sallouti, the bank’s CEO, they decided to explore crypto after noticing high demand from their customers.
In addition to this, Sallouti says the bank has plans to educate its users about crypto-currencies. After this, users will be able to make informed decisions about crypto assets. The head of Digital Assets at BTG Pactual, Andre Portilho, says the bank will support BTC and Ethereum first and expand its reach to other cryptos later.
The bank aims to have an entire platform dedicated only to crypto assets. Currently, the blockchain space has several asset types and protocols. They include cryptocurrencies and NFTs, among others. We are only left to guess which sector BTG Pactual will tap into first.
Bitcoin and Crypto Adoption
This news comes in a month when Bitcoin has seen some heavy adoption action. The nation of El Salvador adopted Bitcoin and made it a legal currency. Following the announcement, the citizens of El Salvador got $30 worth of Bitcoin in their wallets.
A few days later, Ukraine announced its interest in Bitcoin. They will soon be making Bitcoin legal money in the nation. El Salvador has been busy buying Bitcoin in its many dips this month. Currently, the country holds 770 BTC after making their latest purchase of 150 BTC.
On the other hand, Ethereum is not far behind. According to the Enterprise Ethereum Alliance (EEA) website, over 50 billion-dollar companies came together to build on Ethereum. One would even argue that Ethereum has more adoption than Bitcoin. Companies such as Microsoft, Splunk, SAP, JP Morgan Chase Bank (North America), FedEx Corporate Services Inc., and Banco Santander are part of the EEA. Moreover, Paul Tudor Jones, the billionaire hedge fund manager, thinks Ethereum is needed if DeFi power is to be accessed.
Crypto and NFTs are gaining ground fast. While China in the East still tries to fight Bitcoin and crypto, the West is advancing quickly into this new global economic turn. While China tries to hold on to traditional finance, the rest of the world is moving fast towards DeFi. Who will win the race? Time will tell.