2 years ago
Avenue Securities, a U.S.-based securities brokerage steadfast specialized successful serving Brazilian customers, volition connection bitcoin trading services opening adjacent month, according to a Bloomberg report.
“That is beyond a shadiness of a uncertainty the task with the biggest request from our clients,” Roberto Lee, Avenue’s laminitis and CEO, told Bloomberg. “Our surveys amusement that astir 15% of our astir 500,000 customers volition commencement trading cryptocurrencies connected the archetypal time we connection the service.”
Brazilians are large into bitcoin and cryptocurrency trading. The state has seen trading measurement successful the burgeoning marketplace astir lucifer its banal exchange, B3, arsenic investors heap up into bitcoin.
Avenue present wants to cater to that demand, bringing competitiveness successful pricing arsenic an attractiveness constituent to lure investors into its suite of products.
According to the report, Avenue volition run with 8 liquidity providers to connection no-fee trading for bitcoin and cryptocurrencies, bringing down prices by arsenic overmuch arsenic 8% compared to Brazilian markets that commercialized successful reais, the country’s currency.
“The trading measurement of cryptocurrencies successful reais is inactive precise bladed compared to dollar volume, and that makes a quality successful terms formation,” Lee said. “People volition truly spot a difference.”
Price is decidedly a constituent of information for galore investors arsenic precocious liquidity limits the imaginable dispersed and allows for bigger purchases successful bulk. Moreover, nary fees construe to much wealth being poured into the bitcoin investment.
However, the steadfast expects contention to summation this twelvemonth arsenic large banks besides crook their eyes to the promising – and lucrative – Bitcoin world.
In December, Brazil’s second-biggest slope by marketplace value, Bradesco announced a collaboration with Miami-based fintech BCP Global to connection integer concern services to upper-middle-class and affluent Brazilians, which astir wholly overlaps with Avenue’s people audience.
“Probably what we volition spot successful 2022 is the accomplishment of large Brazilian competitors to our business, and we are going to reply that by becoming much complete, by offering not lone a U.S. slope relationship but besides much and much products,” Lee said.
It is unclear whether Avenue customers volition beryllium capable to retreat bitcoin to self-custody wallets.
Avenue did not instantly respond to a petition for comment.
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