$50B asset custody platform GK8 enters Brazil with license agreement
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.
Related: The blue fox: DeFi’s rise and the birth of Metamask Institutional
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) and Ether (ETH). 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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