Latin America’s largest investment bank Pactual launches crypto trading platform
BTG Pactual, Latin America’s largest investment bank, has launched a crypto trading platform called Mynt. Investment broker XP also launched its platform on the same day.
Latin America’s major investment bank, BTG Pactual, has launched its crypto trading platform Mynt — launching on the same day as rival bank XP. BTG Pactual and XP join the likes of Nubank, which is already quite popular in the region.
The Mynt platform is a separate application that does not yet offer cryptocurrency deposits or withdrawals. XP also does not offer deposits or withdrawals. André Portilho, Head of Digital Assets, said of the feature,
“We are working on this feature. In weeks or months, we plan to release. We believe clients will want to bring their assets to BTG, given the cases we had with withdrawal restrictions.”
XP is one of the country’s largest investment brokers, with over 3.6 million customers. The platform allows customers to buy BTC and ETH at the moment.
Crypto launches are on the rise in Brazil
Brazil has seen several crypto-related launches in the past year or at least announcements for it. Santander Brasil announced the launch of a crypto trading service for both institutional and retail clients.
Meta has also applied for trademark registration in Brazil for crypto-related services. There have not been many updates on this development since, but it highlights the interest companies have in the country.
The Brazilian government has also focused on regulating the crypto market as interest picks up. The Brazilian Senate passed a bill to regulate crypto transactions, with the central bank most likely responsible for regulating the crypto sector.
Its popularity in Latin America is increasing
Crypto is extremely popular in the Latin American region, with over 50% of Latin Americans claiming to have transacted with crypto. They also say they want more crypto and blockchain-related solutions.
This desire for crypto comes as countries in the region face extremely high inflation rates. Several freelancers have also started accepting crypto as a form of payment.
Unsurprisingly, younger individuals are more likely to show an interest in crypto. Millennials and younger are more tech-savvy and are likely to see crypto as a new form of payment.
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