Welcome to Latam Insights, a compilation of the most relevant crypto and economic news from Latin America over the past week. In this week’s edition, Oranje rises as Latam’s Strategy’s copycat, El Salvador will continue to buy bitcoin despite the IMF’s deal, and Brazil cracks down on a $290 million crypto scheme remains.
Latam Insights: Strategy Rises in Brazil; El Salvador Continues to Buy Bitcoin
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Latam’s Strategy Rises: Oranje Aims to Invest More Than $200 Million in Bitcoin
A new challenger in the institutional bitcoin arena is about to rise, based in Latin America. According to local media, Itau BBA, the investment bank of Itau, the largest banking corporation in Latam, is an advisor in the process that will give rise to Oranje, a company whose priority would be the accumulation of bitcoin as part of its treasury strategy.
The company, as the first of its kind in Latam, is linked to several industry heavyweights, including Guilherme Gomes, formerly of Swan Bitcoin, as founder and CEO, and Guilherme Ferreira, president of Bahema, as co-founder and CFO. Also, the initiative has the participation of bitcoin pioneer Fernando Ulrich and Josh Levine, formerly linked to Bridgewater.
Oranje projects offering a 45% yield in bitcoin for bitcoin investments in its first year of operation, seeking to accumulate $210 million worth of bitcoin in its early stages. From there, Oranje will focus on generating revenue through its already owned cryptocurrency assets, expanding its brand impact and awareness.
El Salvador Committed to Buying Bitcoin Despite IMF Deal, Minister Says
El Salvador’s commitment to bitcoin remains steadfast despite pledges made to the International Monetary Fund (IMF) to curb crypto purchases. Speaking during an interview with Bloomberg News at the Web Summit in Rio de Janeiro on Tuesday, Economy Minister Maria Luisa Hayem affirmed that the country is still acquiring the digital asset. Hayem stated when asked directly whether the administration was maintaining its bitcoin acquisition policy:
There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that.
According to Arkham Intelligence, the Salvadoran government currently holds 6.162K BTC valued at over $583 million as of this writing and has been accumulating at a pace of 1 BTC per day.
Operation Fantasos: Brazil Cracks Down on Remnants of $290M Crypto Ponzi Scheme
Brazil has targeted a cryptocurrency crime organization in a massive operation once again. Operation Fantasos, executed on April 30, addressed the ongoing activities of a crypto money laundering group already impacted by the extradition of Douver Torres Braga, the mastermind behind Trade Coin Club, a $290 million crypto Ponzi scheme.
Operation Fantasos involved the cooperation of more than 50 officers, who executed 11 search and seizure warrants in the cities of Petrópolis and Angra dos Reis, both in Rio de Janeiro.
Over $280 million was seized during these operations, which targeted suspects allegedly associated with Braga. Police confiscated a boat, luxury vehicles, watches, jewelry, cash, cryptocurrencies, computers, and cell phones at the order of the federal court.
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