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$50B Digital Asset Custody Platform GK8 Enters Brazil With License Agreement
Brazil is becoming a hotbed for crypto adoption, with the country’s tax authority recently claiming that over 12,000 companies hold digital assets.
Ankita K.
8:10 14th Oct, 2022
Adoption

Digital asset custody platform GK8 has partnered with 2ND Market, a Brazilian crypto holding company, to expand cryptocurrency product offerings in Brazil — a move both companies say would support continued adoption in Latin America’s largest economy.

Under the partnership agreement, GK8 will license its institutional-grade custody platform to 2ND Market to give Brazilian users access to a wider range of crypto products and services. In particular, 2ND Market will leverage GK8’s integration with MetaMask Institutional, a multi-custodial wallet, to provide users with access to decentralized finance (DeFi) and Web3 crypto assets.

Founded in 2018, GK8 reportedly manages roughly $50 billion of digital assets — up from $1 billion two years ago — and utilizes an air-gapped Cold Vault to eliminate cyber attacks. The company has established custody partnerships with crypto trading platform INX, the Stellar blockchain network and the State Street-backed Securrency, among others.

2ND Market operates as a technology ecosystem that is trying to bridge infrastructure and crypto usability. The holding company operates multiple entities that work together to support crypto integration and adoption in Brazil.

GK8 referenced a study by crypto exchange KuCoin showing an upsurge in Brazilian crypto adoption as a key reason for establishing the partnership. According to the KuCoin report, roughly 16% of Brazilians — over 34.5 million people — have exposure to digital assets like Bitcoin (BTC down $19,183) and Ether (ETH down $1,299).  A separate report from the Gemini crypto exchange in April also concluded that Brazil was leading the world in terms of digital asset adoption.

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