BTG Pactual has launched Mynt, a new exchange for bitcoin and other cryptocurrencies in Brazil focusing on education in the ecosystem.
“Any product we launch will come along with some content like a video or a paper that provide the means for the customer to understand more about what they’re investing in, and if they have any questions the app has a 24/7 chat function,” Frazao continued.
Andre Portilho, partner and head of digital assets at BTG, said in that same interview that when he asked in Mynt’s chat, “What is Bitcoin backed by?”, the app issued the following response:
“Bitcoin’s backing isn’t physical. It is backed by the mathematics underpinning its blockchain, and this technology guarantees the safety of its transactions.”
However, it currently remains unclear who will back Mynt and serve the custodian of the physical bitcoin. At launch, Mynt clients will not be able to withdraw their bitcoin from the platform in order to self-custody; however, the platform plans to enable such functionality in the future.
Nonetheless, the company still believes that the world of finance is headed into changing tides.
“Our vision is that crypto technology will do to the finance industry what the internet did to the information industry, it changed it completely,” Portilho concluded in the interview.
