SoftBank-backed brokerage Avenue plans to start trading cryptos - Bloomberg

Feb. 18, 2022 5:27 PM ETSoftBank Group Corp. (SFTBY), SFTBFBBD, BBDOBy: Max Gottlich, SA News Editor

Currency trader on video call from his home office

Alistair Berg/DigitalVision via Getty Images

Miami-based brokerage Avenue Securities is planning to start trading cryptocurrencies next month, Bloomberg reported Thursday.

Founded in 2008, SoftBank-backed (OTCPK:SFTBY) (OTCPK:SFTBF) Avenue offers middle-class and wealthy Brazilians digital investments such as third-party funds in the U.S. It has $2B under custody, Bloomberg noted.

“That is beyond a shadow of a doubt the project with the biggest demand from our clients,” Avenue Founder and CEO Roberto Lee told Bloomberg in an interview. “Our surveys show that about 15% of our almost 500,000 costumers will start trading cryptocurrencies on the first day we offer the service,” he added.

The moves came after Brazilian-based Banco Bradesco (NYSE:BBD) (NYSE:BBDO) in December formed a partnership with fintech BCP Global to offer digital investments to wealthy residents in the country, Bloomberg explained. “Probably what we will see in 2022 is the arrival of big Brazilian competitors to our business, and we are going to answer that by becoming more complete, by offering not only a U.S. bank account but also more and more products,” Lee told Bloomberg. One of those products will be no-fee trading for as many as 40 digital assets, Lee added. Moreover, Avenue will operate with eight liquidity providers, with prices as much as 8% lower than those offered in Brazil's local markets.

Previously, (July 16, 2021) SoftBank will invest $75M in Peter Thiel-backed crypto exchange.

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