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New BTC Custody Service Through Gemini And BTG Pactual Team Up

Gemini stands as a crypto exchange and custodian platform based in the US. It was founded by Cameron and Tyler Winklevoss, who had made a new announcement recently. This announcement pertained to Gemini offering custodian services for the upcoming BTG Pactual Bitcoin fund. BTG Pactual itself stands as one of the biggest investment banks Brazil has to offer.

A New Partnership

The announcement itself, made on the 5th of April, 2021, showed that Gemini Fund Solutions and Gemini Custody, two subsidiaries of Gemini, will allow for various customized services based on the fund in question. As is the case with all of these partnerships, the mandatory statement was given out about how the philosophies of the two companies were in line with each other.

The Bitcoin 20 Multi-Market Investment Fund from BTG Pactual had been given the approval it needed just last month. As a result, it stands as the first-ever fund offering exposure to Bitcoin and launched by an investment bank based in Brazil. It went live on Monday, and it seems that BTG Pactual is keen on further innovation afterwards.

Some Exposure TO Bitcoin For Cheap

The fund itself has 20% of its assets under management (AUM) be allocated to Bitcoin. Gemini, in turn, has been given the task of storing these Bitcoin in a secure manner. 55% of the fund’s allocated AUM stands as treasury bonds, with 5% set in repo operations and the last 20% set in bank deposit certificates. All in all, it’s a very safe move from an investment bank.

All customers of BTG Pactual will be capable of accessing this fund. The minimum investment for this fund is quite lenient, as well: It’s set at as little as one Brazilian Real, or around $0.18 give or take. Alongside this, the fund boasts an annual administrative fee of 0.5%.

The Mandatory Public Statements

Will Landers stands as the Head of BTG Pactual Asset Management, and is in charge of managing the fund as a whole.  In an article made by Tecnoblog.net, Will Landers stated that the desire from the bank is to democratize the Bitcoin investment space through this new product, making it far more accessible to the public, at least in terms of costs.

Marcelo Flora stands as one of BTG Pactual’s managing partners, and gave a public statement a while back, as well. It seems that the bank has been heralding the virtues of cryptocurrencies, with Flora declaring that the bank had started to compile an educational video series on cryptocurrencies and Bitcoin

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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