Bitcoin fund issued by a Brazilian Bank is being provided with custody by Gemini.
Custody services will be provided in the forthcoming Bitcoin fund from Brazil’s top investment Bank, BTG Pactual by a U.S Crypto exchange and Custodian, Gemini, which was founded by Cameron Wunklevoss and Tyler.
A customized services for the fund, will be provided by the subsidiaries of Gemini, known as Gemini Custody and Gemini Fund Solutions, according to April 5 announcement and which lead to philosophical partnenrship between the two firms.
When it came live on April 15, BTG Pactual Bictoin 20 Multi-market investment Fund, became the first fund to be debuted by a Brazilian Bank.
With Gemini asked to secure the storage of the coins, the fund invest twenty percent of its assets under management into Bitcoin. The fund allocates five percent Repo operation, fifty-five percent of its AUM into treasury bond and 20% into bank deposit.
All of BTG Pactual’s customers can access the fund, with a minimum investment set at just one Brazilin real (roughly $0.18) and an annual administrative fee of 0.5%.
According to a rough translation, BTG Pactual Asset Management’s Will Landers emphasized the bank’s desire to “democratize investment in Bitcoin” through a product that is “accessible in terms of cost” to investors.