2TM, the holding company for Mercado Bitcoin, which is Brazil’s largest crypto exchange by market valuation, plans to launch a crypto asset manager based on quantitative trading.
Quantitative trading involves the use of computer programs and algorithms instead of analysis and interpretations by analysts.
As per reports, 2TM is looking forward to introducing the service in collaboration with Giant Steps. Giant Steps is a Brazilian asset manager with $1.49 billion under management and consists of more than 100,000 investors.
The agreement with 2TM would involve the incorporation of Giant’s quantitative funds. 2TM revealed Giant Steps will also be holding a minority stake of the utility.
One such fund would be Satoshi, which trades Bitcoin and Ethereum futures.
Giant Steps informed that in the past few years, the Brazilian quantitative trading graph has witnessed “high growth rates”. However, the growth rate is no more than 2% of total fund assets in the South American country.
The latest developments come in the midst of reports of 2TM being acquired by Cryptocurrency exchange Coinbase Global.