{"id":194474,"date":"2023-10-03T13:40:04","date_gmt":"2023-10-03T13:40:04","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194474"},"modified":"2023-10-03T13:40:04","modified_gmt":"2023-10-03T13:40:04","slug":"brazil-btg-pactual-bank-buys-bitcoin-friendly-brokerage-orama-for-99m","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/brazil-btg-pactual-bank-buys-bitcoin-friendly-brokerage-orama-for-99m\/","title":{"rendered":"Brazil BTG Pactual bank buys Bitcoin-friendly brokerage Orama for $99M"},"content":{"rendered":"<p>Major Brazilian investment bank BTG Pactual is acquiring cryptocurrency-friendly brokerage Orama as part of its strategy to expand the bank\u2019s digital platforms.<\/p>\n<p>BTG Pactual has signed an agreement to buy 100% of Orama\u2019s shares for 500 million Brazilian reais ($98.7 million).<\/p>\n<p>Announcing the news on Oct. 2, BTG Pactual said that the acquisition is part of the bank\u2019s digital expansion strategy and offers more investment opportunities.<\/p>\n<p>\u201cWe are very excited about the acquisition, which will provide Orama customers with access to the complete BTG platform,\u201d BTG\u2019s 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.<\/p>\n<p>Founded in 2011, Orama is said to have nearly 18 billion reais ($3.6 billion) 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.<\/p>\n<p>In April 2022, Orama\u2019s wealth management arm, Orama Singular,\u00a0launched 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 (BTC), tokens, derivatives and others.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Brazil\u2019s crypto surge prompts central bank to tighten regulation<\/em><\/strong><\/p>\n<p>Orama\u2019s digital asset fund has recorded a successful trend over the past year, surging more than 30% from 90.5 reais ($17.9) in October 2022 to 118.8 reais ($23.5) in September 2023, according to data from Bloomberg.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/eec54e03-5aa0-4996-8350-38b0e927b267.png\"><\/p>\n<p>It\u2019s unclear whether BTG Pactual\u2019s Orama purchase will result in some new crypto-related products at the bank. BTG Pactual didn\u2019t immediately respond to Cointelegraph\u2019s request to comment on the acquisition.<\/p>\n<p>Apart from purchasing Bitcoin-friendly Orama, BTG Pactual has been active in crypto-related ventures in recent years. In April 2023, the bank announced plans to launch BTG Dol, a new stablecoin pegged to the United States dollar on a 1:1 ratio, using the bank\u2019s custody services. The bank previously launched a crypto trading app enabling customers to directly invest in cryptocurrencies.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 &#038; crypto gaming, Formula E<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-friendly-brokerage-orama-acquired-btg-pactual-bank\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major Brazilian investment bank BTG Pactual is acquiring cryptocurrency-friendly brokerage Orama as part of its&#8230;<\/p>\n","protected":false},"author":4,"featured_media":194473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brazil BTG Pactual bank buys Bitcoin-friendly brokerage Orama for $99M - 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