Gemini, the U.S.-based crypto exchange and custodian founded by Tyler and Cameron Winklevoss, has announced it will provide custody services for the forthcoming Bitcoin fund from Brazil’s top investment bank, BTG Pactual.
An April 5 announcement indicates Gemini’s subsidiaries Gemini Custody and Gemini Fund Solutions will provide customized services for the fund. The post also notes a philosophical alignment between the two firms.
Approved last month, BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund became the first fund launched by a Brazilian investment bank that offers exposure to BTC when it went live on April 5.
The fund invests 20% of its assets under management, or AUM, into Bitcoin, with Gemini tasked with securely storing the coins. The fund also allocates 55% of its AUM into treasury bonds, 20% into bank deposit certificates, and 5% into repo operations.
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