As digital assets become more and more popular and the adoption of cryptocurrencies spreads in the region of Latin America, BTG Pactual, the largest Latin American investment bank completes their crypto trading platform Mynt, which was announced in September 2021. The same steps were taken by the competing bank — Investment broker XP, which also launched its own platform on the same day as BTG Pactual. Leading to BGT Pactual and XP joining in competition with other banks that support crypto trading such as Nubank, which is already fairly popular.
Unfortunately, the Mynt platform, being a separate application, does not yet offer withdrawals or deposits of digital assets, and the same is applied to the XP. The response came about the missing feature from BTG Pactual’s Head of Digital Assets André Portilho who stated that:
“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.”
Brazil had already experienced multiple crypto-related launches and announcements. Santander Brasil had also announced the launch of its own crypto trading platform for both retail and institutional customers. Meta, being another example, applied for a trademark for crypto-related services in Brazil with not many updates on that behalf. Yet this just shows a sparkling interest of companies in the country.
Additionally, the Brazilian government has been highly focused on the crypto market regulations as the interest rises. Moreover, the Brazilian Senate passed a bill to regulate crypto transactions, with Central Bank being the regulatory body for the crypto sector.
As of today, the popularity of digital assets has spiked with over 50% of Latin Americans that claim to have done at least one crypto transaction. Furthermore, the increased demand for blockchain-related solutions makes these countries optimal for crypto companies. The desire for crypto adaptation comes as the countries in this region experience severe inflation. Moreover, many freelance workers have already adopted crypto as their form of payment. Not to mention the millennials and younger individuals who are to be considered more technologically interested see crypto as the new form of payment.