Brazil Stock Exchange B3 announces its entry into the crypto market, will push CaaS, digital asset custody and ETF

Time:2021-12-27 Source: 770 views Trending Copy share

With a history of more than a hundred years, Brazil’s stock exchange B312 announced on 10th that it plans to start investing in the cryptocurrency market in 2022. President Gilson Finkelsztain expects to introduce Caas, digital asset custody, off-site convenience services, etc., and even plans to launch crypto Monetary Fund (ETF).

Committed to serving investors and setting five major endeavors

The predecessor of B3 (Brasil, Bolsa, Balcão) was the Brazilian Stock and Futures Exchange (BM&FBOVESPA). It was established in 1890 and headquartered in Sao Paulo, Brazil. It is the country's major futures trading center. B3 President Gilson Finkelsztain stated at the B3 Day event held on the 10th that B3 does not intend to become a crypto exchange, but to respond to investors’ needs to enter a regulated and protected market: of course we will expand to unregulated crypto. The currency world, but this is not a cryptocurrency exchange, but a service to crypto traders.

B3 is currently studying asset tokenization, digital asset custody, promotion of over-the-counter transactions (OTC), the introduction of liquidity centers, and crypto as a service (CaaS). Although the specific plan has not yet been announced, Gilson Finkelsztain revealed, B3 will also launch a cryptocurrency ETF (again, it has not announced which currencies and indexes will be tracked).

All in all, B3 currently has the following 6 major endeavors:

*Asset tokenization: Promote the digitization of assets, enhance liquidity and liquidity

*Trading and access to liquidity centers: reduce the complexity of access to decentralized, global and 24×7 markets (ie, cryptocurrencies)

*Digital asset custody: improve reliable custody services

*OTC facilitation: provide higher security and efficiency for the mobile, simultaneous delivery (DVP) of digital assets

*Capital efficiency gains: reduce the pre-financing of operations

*CaaS: Let customers explore the crypto market with a low threshold

Brazilians are crazy about investing in cryptocurrencies

As previously reported by the currency circle, the wave of cryptocurrency investment is rapidly sweeping Brazil, the largest economy in Latin America. Since the beginning of this year, the total value of Brazilians buying cryptocurrencies has exceeded 4 billion U.S. dollars, and they continue to purchase more than 350 million U.S. dollars each month. In May, the total monthly purchase amount was the highest, reaching 756 million U.S. dollars.

Aureo Ribeiro, a member of the Brazilian Solidarity Party, also proposed a new draft on the 6th of this month, trying to give Bitcoin the legal status of the country's payment currency (Payment Currency). From the legal level, it is more convenient for the public to use and invest in cryptocurrency.

In addition, not only B3, but at least four cryptocurrency ETFs have been born in the country. Among them, HASH11, which tracks the Nasdaq crypto index fund, is the most successful; Brazilians can also invest in two other Bitcoin ETFs and one Ethereum ETF.

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