Crypto asset custody platform GK8 has teamed up with 2ND Market – a Brazil-based crypto holding firm – to release more crypto services locally. 

Specifically, the initiative is revealed by both firms to work towards the target of assisting continued adoption in Latin America’s largest economy. 

Within the scope of the alliance agreement, GK8 will license its institutional-grade custody platform to 2ND Market, to make it legally possible for Brazilian users to tap into a bigger scale of crypto products and services. 

Particularly, 2ND Market will take advantage of GK8’s integration with MetaMask Institutional, a multi-custodial wallet, to offer users with access to decentralized finance (DeFi) and Web3 crypto assets.

Established in 2018, GK8 reportedly takes cared of management for approximately $50 billion of digital assets – a rise from $1 billion two years ago – and utilizes an air-gapped Cold Vault to eliminate cyber attacks. 

The firm has reportedly forged custody alliances with the crypto trading platform INX, the Stellar blockchain network and the State Street-Backed Securrency, among others.

2ND Market reportedly functions as a technology ecosystem that is putting in efforts to close the gap between infrastructure and crypto usability. The holding firm operates numerous entities that collaborate to support crypto integration and adoption in Brazil.

Crypto adoption in Brazil is growing on multiple fronts. Brazil’s tax authority recently reported that, as of August, over 12,000 companies had digital assets on their books. Meanwhile, Rio de Janeiro just announced that it would begin accepting crypto for property tax payments.

“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.”