With each passing day, the world of digital assets seems to become closer and closer to mainstream adoption. The latest news from Brazil was a positive marker for an industry going through a bear market. On Tuesday, Brazil’s BTG Pactual launched its native platform for virtual assets trading.
South America has become a hotspot for cryptocurrency adoption with several countries considering cryptocurrencies as a legal tender. Brazil’s focus on crypto was helped along by a rapid influx of new traders into the ecosystem. BTG had earlier expressed their interest in entering the cryptocurrencies as the Mynt platform worked towards achieving that goal.
As of now, Mynt platform users can purchase Bitcoin and Ether in a few quick steps. The bank further added that it had plans to add other cryptocurrencies to it’s roster in the future. Post the latest announcement, BTG Pactual’s head of digital assets Andre Porhilo said:
“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. 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 used to.”
Officials close to the bank claimed that the massive demand for cryptocurrency trading amongst users was the main factor for Mynt’s origins. BTG Pactual CEO Robert Sallouti also informed the public that the company would take the onus of informing the public of the burgeoning market. The bank plans to launch educational content about blockchain and virtual assets with the mission of acclimatizing the new entrants.
BTG Pactual’s foray into cryptocurrencies has also made it the first major institution in Brazil to do so. The bank assured users that the platform was being assessed by the Brazilian Securities Commission and the local central bodies for total credibility. We now have to wait and watch how the platform takes of in the South American country.