Brazilian investment bank BTG Pactual is set to acquire cryptocurrency-friendly brokerage Orama as part of its strategy to expand its digital platforms. The bank has signed an agreement to purchase 100% of Orama’s shares for 500 million Brazilian reais ($98.7 million).
BTG Pactual sees this acquisition as a way to enhance its digital expansion efforts and provide Orama’s customers with access to its complete platform. However, the acquisition is subject to regulatory approvals from authorities, including the Central Bank of Brazil.
Founded in 2011, Orama manages nearly 18 billion reais ($3.6 billion) in assets and serves approximately 360,000 customers. While primarily focused on distributing investment funds and fixed-income products, Orama has also ventured into cryptocurrency investment.
In April 2022, Orama’s wealth management arm, Orama Singular, launched an actively managed fund called Block3, which is focused on digital assets. This fund offers diversified exposure to the cryptocurrency industry, including Bitcoin, tokens, derivatives, and other crypto assets. Over the past year, Orama’s digital asset fund has experienced significant growth, surging more than 30%.
It remains uncertain whether BTG Pactual’s acquisition of Orama will lead to the introduction of new crypto-related products and services at the bank. BTG Pactual has previously shown an interest in the cryptocurrency space, including the announcement of plans to launch a stablecoin pegged to the U.S. dollar and the creation of a crypto trading app for its customers.
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