The biggest investment bank in Latin America, BTG Pactual, has introduced Mynt, a platform for trading cryptocurrencies. On the same day, investment broker XP also unveiled its platform.
The major investment bank in Latin America, BTG Pactual, debuted its cryptocurrency trading platform, Mynt, on the same day as rival bank XP. The likes of Nubank, which is already well-known in the area, are joined by BTG Pactual and XP.
The Mynt platform is a separate application that does not yet offer deposits or withdrawals of cryptocurrencies. 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 think clients will want to bring the assets to BTG, given the cases we had of withdrawal restrictions.”
With more than 3.6 million clients, XP is one of the largest investment brokers in the nation. Customers can currently purchase BTC and ETH on its platform.
Brazilian crypto launches are rising – BTG Pactual
The past year has witnessed a number of cryptocurrency-related launches in Brazil, or at least announcements to that effect. A cryptocurrency trading service has been launched by Santander Brazil for institutional and individual clients.
For services relating to cryptocurrencies, Meta has also sought for trademark registration in Brazil. Since then, there haven’t been many updates on this development, but it shows how interested businesses are in the nation.
As interest in cryptocurrencies increases, the Brazilian government has also been concentrating on regulating the sector. A law to regulate cryptocurrency transactions was approved by the Brazilian Senate, with the Central Bank most likely in charge of doing so.
Popularity is rising in Latin America
Over 50% of Latin Americans claim to have done transactions using cryptocurrencies, demonstrating how widely used it is in the region. They add that they seek more blockchain- and cryptocurrency-related solutions.
The region’s high inflation rates are driving this demand for cryptocurrencies. Additionally, more independent contractors are starting to take cryptocurrency as payment.
Younger people are, unsurprisingly, more likely to be interested in cryptocurrency. Younger generations, who are more digitally adept, are more likely to consider cryptocurrency a new method of payment.
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