Major Brazilian investment bank BTG Pactual is acquiring crypto-friendly brokerage Orama as part of its strategy to expand the bank’s digital platforms.
BTG Pactual is known for launching cryptocurrency trading services for its customers and is also planning to launch its own stablecoin.Major Brazilian investment bank BTG Pactual is acquiring cryptocurrency-friendly brokerage Orama as part of its strategy to expand the bank’s digital platforms.Announcing the news on Oct. 2, BTG Pactual said that the acquisition is part of the bank’s digital expansion strategy and offers more investment opportunities.
“We are very excited about the acquisition, which will provide Orama customers with access to the complete BTG platform,” BTG’s digital platforms partner Marcelo Flora said. The acquisition is subject to the necessary regulatory approvals from authorities, including the central bank of Brazil, the announcement notes.
Founded in 2011, Orama is said to have nearly 18 billion reais of assets under custody and services about 360,000 customers. Focused on the distribution of investment funds and fixed-income products, Orama has also been exploring cryptocurrency investment.an actively managed fund focused on digital assets. Called Block3, the fund offers multimarket investment in the cryptocurrency industry, providing exposure to various crypto assets, including Bitcoin in October 2022 to 118.
Apart from purchasing Bitcoin-friendly Orama, BTG Pactual has been active in crypto-related ventures in recent years. In April 2023, the bank, a new stablecoin pegged to the United States dollar on a 1:1 ratio, using the bank’s custody services. The
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