Digital asset custody platform GK8 has entered into a partnership with 2ND Market, a Brazilian cryptocurrency holding company, with the aim to expand product offerings in Brazil to boost continued adoption in Latin America, as reported by Cointelegraph.
According to Cointelegraph, under the partnership agreement, GK8 will provide license to institutional-grade custody platform to 2ND Market to give Brazilian users access to various cryptocurrency-based services and products. Particularly, 2ND Market will leverage GK8’s integration with MetaMask Institutional, a multi-custodial wallet, to help users get access to decentralised finance (DeFi) and Web3.0 cryptocurrency assets.
On the basis of information by Cointelegraph, 2ND Market functions as a technology ecosystem which aims to bridge the gap between infrastructure and cryptocurrency usability. The holding company takes charge of multiple entities that work in unison to support cryptocurrency integration and adoption in Brazil. GK8 made reference to a study by cryptocurrency exchange KuCoin, which showed an increase Brazilian cryptocurrency adoption as a reason for establishing the partnership. A different report by Gemini cryptocurrency exchange April came to the conclusion that Brazil was a frontrunner in terms of digital asset adoption.
“With inflation at 10% and a weakening Brazilian real, it is no wonder why crypto adoption in Brazil stands at approximately 16%. In fact, Brazil is at #7 in the Chainalysis crypto adoption index, the highest-ranked country in South America, and not far behind the USA. We believe that macroeconomic winds will continue to drive adoption higher,” Lior Lamesh, co-founder and CEO, GK8, stated.
(With insights from Cointelegraph)