Gemini, the U.S.-based crypto exchange and custodian founded by Tyler and Cameron Winklevoss, has announced it will provide custody services for the forthcoming Bitcoin fund from Brazil\u2019s top investment bank, BTG Pactual.<\/p>\n
An April 5 announcement indicates Gemini\u2019s subsidiaries Gemini Custody and Gemini Fund Solutions will provide customized services for the fund. The post also notes a philosophical alignment between the two firms.<\/p>\n
Approved last month, BTG Pactual\u2019s Bitcoin 20 Multi-Market Investment Fund became the first fund launched by a Brazilian investment bank that offers exposure to BTC when it went live on April 5. <\/p>\n
The fund invests 20% of its assets under management, or AUM, into Bitcoin, with Gemini tasked with securely storing the coins. The fund also allocates 55% of its AUM into treasury bonds, 20% into bank deposit certificates, and 5% into repo operations.<\/p>\n
All of BTG Pactual\u2019s customers can access the fund, with a minimum investment set at just one Brazilin real (roughly $0.18) and an annual administrative fee of 0.5%.<\/p>\n
According to a rough translation, BTG Pactual Asset Management\u2019s Will Landers emphasized the bank\u2019s desire to \u201cdemocratize investment in Bitcoin\u201d through a product that is \u201caccessible in terms of cost\u201d to investors.<\/p>\n
BTG Pactual has been recently extolling the virtues of digital assets, with the bank\u2019s managing partner, Marcelo Flora, revealing the bank had begun compiling an education video series on Bitcoin and cryptocurrency last month.<\/p>\n
\u201cIn 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,\u201d Flora posted to LinkedIn.<\/p>\n
BTG Pactual has long been eying innovations in the crypto sector, with the firm launching real estate-backed security tokens in 2019.<\/p>\n