Major Brazilian investment bank BTG Pactual is acquiring cryptocurrency-friendly brokerage Orama as part of its strategy to expand the bank’s digital platform.
BTG Pactual has sign Agreed to purchase 100% of Orama’s shares for BRL 500 million (USD 98.7 million).
BTG Pactual said when announcing the news on October 2 that the acquisition was part of the bank’s digital expansion strategy and provided more investment opportunities.
Marcelo Flora, BTG’s digital platform partner, said: “We are very excited about this acquisition, which will provide Orama customers with a complete BTG platform.” The announcement pointed out that the acquisition is subject to obtaining the necessary approvals from authorities, including the Brazilian Central Bank. Regulatory Approvals.
Founded in 2011, Orama is said to have nearly 18 billion reais (approximately $3.6 billion) in assets under custody and serves approximately 360,000 clients. Orama focuses on the distribution of investment funds and fixed income products, but has also been exploring cryptocurrency investments.
In April 2022, Orama Singular, Orama’s wealth management arm, roll out An actively managed fund focusing on digital assets. The fund, called Block3, provides multi-market investment in the cryptocurrency industry, offering investments in various crypto assets, including Bitcoin (BTC), tokens, derivatives, etc.
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Orama’s digital asset fund has recorded The trend over the past year has been successful, surging from 90.5 reais ($17.9) in October 2022 to 118.8 reais ($23.5) in September 2023, an increase of more than 30%, according to Bloomberg data.
It is unclear whether BTG Pactual’s acquisition of Orama will lead to the bank launching some new crypto-related products. BTG Pactual did not immediately respond to Cointelegraph’s request for comment on the acquisition.
In addition to acquiring Orama, which supports Bitcoin, BTG Pactual has also been actively involved in cryptocurrency-related businesses in recent years. In April 2023, the bank announced plans to use the bank’s custody services to launch BTG Dol, a new stablecoin pegged to the U.S. dollar at a 1:1 ratio. The bank previously launched a cryptocurrency trading app that enables customers to invest directly in cryptocurrencies.
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