Largest Investment Bank In Latin America Debuts Its Crypto Exchange, Mynt
- The largest investment bank in Latin America, BTG Pactual, launched its digital asset brokerage, Mynt which will provide crypto-related services to clients.
- Mynt will debut in the market with five digital assets: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polkadot (DOT).
Amid the heavy competition among Brazilian banks to enter the crypto market along with making a solid presence in the space, the largest investment bank in Latin America, BTG Pactual, launched its digital asset brokerage Mynt.
According to a recent report by portaldobitcoin, Mynt has some unique features. It will debut in the market with five digital assets: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polkadot (DOT). André Portilho, Head of Digital Assets at the banking giant, stated:
“We will list more coins, but that depends on customer demand and our internal project evaluation process.”
In addition, the executive revealed that the platform’s plan includes integrating a stablecoin. When asked if it would be its own stablecoin or one from a different partner, Portilho opted not to offer any other information. However, BTG aims to keep the system as simple as possible to avoid encountering complex technology with its clients.
Interestingly, the new launch comes on the same day as its major rival XP launched a crypto trading platform. The company said on August 15 that the newly-launched platform currently offers only BTC and ETH trading, but the largest Brazilian brokerage by market value aims to offer exposure to ten digital assets by the end of 2022.
The race among the Brazilian banks took an intense shape when the largest Brazilian digital bank by market value, Nubank, launched its crypto trading platform in June this year. Moreover, last month, the company reported that it had already reached the 1 million users mark. After launching Nucripto in May and rolling out the service to its 46.5 million customers in June, Nubank had aimed to hit this milestone within a year.
However, Mynt has many unique features when compared to the platforms of BTG Pactual’s competitors. While others have included exchanges within their primary applications, BTG does not force its clients to become Mynt clients automatically.
The fact that a user can’t withdraw or deposit cryptocurrencies is still true, just like with other services. Portilho said that the company is planning to launch the system “in weeks or months.”
“We think that clients will want to bring the assets to BTG, given the cases we had of withdrawal restrictions,”he added.
Notably, when asked about the potential price movement, Portilho displayed no interest in making predictions for the price of cryptocurrencies. “I don’t know if we’ve hit bottom yet,” he said.
He picked a controversial theory to support a potential new bullish cycle by stating that “the halving has become a bitcoin price drive myth. In the past, it was undoubtedly important, but today it is no longer.”