Brazilian banks are competing for the country’s crypto sector. Brazil’s largest investment bank BTG Pactual launched its digital asset brokerage Mynt on August 15 on the same day as its main rival, XP, and a few months after Nubank. Mynt, the bank’s new trading platform, will provide customers direct access to bitcoin, making it one of the first significant Brazilian financial institutions to do so, the bank stated in a statement. Customers will all receive access to bitcoin education materials if they open an account with the investment bank, which now has more than $200 billion in assets.
According to André Portilho, Head of Digital Assets, “we are working on this functionality. We intend to release it in a few weeks or months. Given the instances we had of withdrawal limits, we believe clients will wish to move the assets to BTG.” The executive also said that the platform’s plan includes integrating a stablecoin.
Pedro Frazao, product manager of Mynt, stated in an interview conducted before the launch that “content will be a component of Mynt at all levels. Any product we publish will have information, such as a video or a paper, that gives the client the means to learn more about what they’re investing in, and if they have any queries, the app includes a 24/7 chat option.”
There are certain variations in the platform, though. The Mynt product, which was first revealed in September of last year, is now available separately. The BTG client is not immediately a client of the new exchange, despite the fact that rivals have exchanges built into their apps.
BTG Pactual is the latest organisation to enter the expanding Brazilian industry, following in the footsteps of XP Inc., which launched bitcoin trading services on its brand-new platform, Xtage on August 15 morning. Santander, a significant player in the financial industry, also started talking about aspirations to join the ecosystem.