BTG Pactual, a major Brazilian investment bank, has signed an agreement to acquire 100% of Orama DTVM’s shares for 500 million Brazilian reais ($98.7 million). This acquisition is part of BTG Pactual’s digital expansion strategy and will provide Orama customers with access to the complete BTG platform. Founded in 2011, Orama has nearly 18 billion reais ($3.6 billion) of assets under custody and services about 360,000 customers. Orama has been exploring cryptocurrency investment and in April 2022, Orama’s wealth management arm Orama Singular launched 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. The fund has recorded a successful trend over the past year, surging more than 30% from 90.5 BRL ($17.9) in October 2022 to 118.8 BRL (23.5) in September 2023. It is unclear whether the BTG Pactual’s Orama purchase would result in some new crypto-related products at BTG Pactual. 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 U.S. dollar on a 1:1 ratio, using the bank’s custody services. The bank previously launched a crypto trading app enabling customers to make direct investments in cryptocurrencies.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	South America
Countries	🇧🇷 🇺🇸
Sentiment	neutral
Relevance Score	8
People	Bloomberg, Orama Singular, BTG Pactual, Block3, Marcelo Flora
Companies	Bloomberg, BTG Pactual, Orama DTVM, Central Bank of Brazil, Orama Singular
Currencies	Bitcoin Gold, Ethereum, Bitcoin, Brazilian Real, Blockasset
Securities	None