BTG Pactual ties with Gemini to launch a BTC fund; Sends BTG to the moon
- This partnership will see Gemini offer custody services for BTG Pactual’s BTC fund.
- BTG Pactual seeks to invest 20% of its assets under management in BTC.
- While BTG Pactual is not related to BTG, the partnership news saw the coin rise sharply.
Winklevoss twins-founded crypto exchange Gemini recently joined hands with BTG Pactual, a Brazilian investment bank to act as the custodian of its Bitcoin 20 Multi-market Investment Fund. Gemini unveiled this news through a blog post on April 5, noting that this partnership would see it serve as BTG Pactual’s trade execution partner. Reportedly, the fund intends to invest 20% of its assets under management (AUM) in BTC.
According to the blog post, the BTC fund is the first of a host of crypto-related services that Brazilian bank intends to roll out. Explaining why teaming up with BTG Pactual was a win for Gemini, the publication noted that the bank’s mission to improve access to investment opportunities aligns with the exchange’s goal to empower individual investors.
Bitcoin Gold (BTG) soars following Gemini and BTG Pactual partnership
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Bitcoin Gold (BTG) is one of the coins that emerged after multiple hard forks of the Bitcoin network in 2017. While BTC continued performing commendably, the forks, including BTG, did not fare so well. However, in an interesting twist of events, the coin surged 173% over the past week following the news of BTG Pactual’s tie with Gemini.
Reportedly, this news triggered a strong buying force that pushed the coin’s volume past £182 million. This happened despite BTG Pactual and BTG having no connection whatsoever. Although crypto-savvy individuals know BTG for what it is, experts believe that the recent BTC gains might have pushed a lot of unwary adopters into believing BTG is a cheaper Bitcoin.
Warning adopters, Anita Posch, a BTC podcast host, said,
We’re so early that people buy Bitcoin Gold BTG, because there is a new fund called BTG Pactual. No, it’s not a cheaper Bitcoin!
By piggybacking on the impact of the partnership, BTG rose from £28.57 to trade as high as £86.67, which is the highest the coin has traded since February 2018. At the time of writing, the coin is up 12.56% over the past 24 hours to change hands at £78.07. It has a market cap of £1,367,305,672.61, which makes it the 65th largest cryptocurrency.