Brazilian bank #BTG Pactual acquires #Orama for USD 99 million
BTG Pactual is known for launching #Criptomonedas trading services for its clients and also has plans to launch its own #stablecoin .
Major Brazilian investment bank BTG Pactual is acquiring pro-crypto brokerage Orama as part of its strategy to expand the bank's digital platforms.
BTG Pactual has signed an agreement to buy 100% of Orama's shares for 500 million Brazilian reals (USD 98.7 million).
Announcing the news on October 2, BTG Pactual said the acquisition is part of the bank's digital expansion strategy and offers further investment opportunities.
“We are very excited about the acquisition, which will provide Orama clients with access to the full BTG platform,” said Marcelo Flora, digital platforms partner at BTG. The acquisition is subject to necessary regulatory approvals from authorities, including Brazil's central bank, the announcement said.
Founded in 2011, Orama is said to have about 18 billion reais ($3.6 billion) in assets under custody and serves approximately 360,000 clients. Focused on the distribution of investment funds and fixed income products, Orama has also been exploring investing in cryptocurrencies.
In April 2022, Orama's wealth management subsidiary, Orama Singular, launched an actively managed fund focused on digital assets. Called Block3, the fund offers multi-market investment in the cryptocurrency industry, providing exposure to various crypto assets, including Bitcoin BTC€26,273, tokens, derivatives and others.
Orama's digital asset fund has recorded a successful trend over the past year, rising more than 30% from 90.5 reais ($17.9) in October 2022 to 118.8 reais ($23.5) in September 2023, according to Bloomberg data.
#CryptoCriss77 $BTC $ETH $BNB
BTG Pactual is known for launching #Criptomonedas trading services for its clients and also has plans to launch its own #stablecoin .
Major Brazilian investment bank BTG Pactual is acquiring pro-crypto brokerage Orama as part of its strategy to expand the bank's digital platforms.
BTG Pactual has signed an agreement to buy 100% of Orama's shares for 500 million Brazilian reals (USD 98.7 million).
Announcing the news on October 2, BTG Pactual said the acquisition is part of the bank's digital expansion strategy and offers further investment opportunities.
“We are very excited about the acquisition, which will provide Orama clients with access to the full BTG platform,” said Marcelo Flora, digital platforms partner at BTG. The acquisition is subject to necessary regulatory approvals from authorities, including Brazil's central bank, the announcement said.
Founded in 2011, Orama is said to have about 18 billion reais ($3.6 billion) in assets under custody and serves approximately 360,000 clients. Focused on the distribution of investment funds and fixed income products, Orama has also been exploring investing in cryptocurrencies.
In April 2022, Orama's wealth management subsidiary, Orama Singular, launched an actively managed fund focused on digital assets. Called Block3, the fund offers multi-market investment in the cryptocurrency industry, providing exposure to various crypto assets, including Bitcoin BTC€26,273, tokens, derivatives and others.
Orama's digital asset fund has recorded a successful trend over the past year, rising more than 30% from 90.5 reais ($17.9) in October 2022 to 118.8 reais ($23.5) in September 2023, according to Bloomberg data.
#CryptoCriss77 $BTC $ETH $BNB