Gemini, the U.S.-based crypto exchange and custodian founded by Winklevoss-twins has announced on providing custody services for the forthcoming Bitcoin fund launched by Brazil’s top investment bank, BTG Pactual. Approved last month, BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund is the first fund to be launched by the largest investment bank in Latin America.
Gemini Providing Custody Services for Brazilian BTG Pactual BTC Fund
BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund will invest 20% of its assets under management (AUM) into Bitcoin. The fund will also allocate 55% of its AUM into treasury bonds, 20% into bank deposit certificates, and 5% into repo operations.
The announcement release read:
“As we continue to expand our institutional fund offerings, we are thrilled to provide BTG Pactual, the largest investment bank in Latin America, with secure and compliant access to bitcoin. The fund will invest 20% of its assets under management in bitcoin and is the first of a variety of cryptocurrency products BTG Pactual plans to release.”
Customers of BTG Pactual will be able to access the fund, with a minimum investment of just one Brazilin real or $0.18 and an annual administrative fee of 0.5%.
Gemini’s subsidiaries Gemini Custody and Gemini Fund Solutions will provide the customized services for the fund.
Gemini provides cryptocurrency services to a growing number of fund managers and financial institutions across the world through Gemini Custody, Gemini Fund Solutions, and custom integrations with registered investment advisors and FinTech platforms.
BTG Pactual Eyeing the Crypto Sector Particularly Bitcoin Funds
BTG Pactual had long been interested in the cryptocurrency sector, the firm even went into launching real estate-backed security tokens in 2019.
The investment bank has recently taken up spreading awareness on digital assets. Last month, the bank’s managing partner, Marcelo Flora revealed that the bank had taken up into releasing an education video series on Bitcoin and other cryptocurrencies, saying:
“In three episodes, we will tell the history of Bitcoin, institutional adoption, how to invest, how the blockchain works, and what stage of technological adoption curve it is in now.”