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BTG Pactual, a major banking institution in Latin America, has teamed up with Crypto.com to advance crypto banking in the region.
Collaboration Announcement
On February 27, Crypto.com revealed its plan to list BTG Pactual's stablecoin, BTG Dol, pegged to the US dollar at 1:1. The crypto exchange emphasized its commitment to promoting the use of this stablecoin by pairing it with popular crypto assets.
According to the exchange, this partnership aims to kickstart the digital economy in Latin America and bridge the gap between traditional and digital finance for its users.
Statement from BTG's Head of Digital Assets
Andre Portilho, BTG's head of digital assets, expressed enthusiasm about the partnership with Crypto.com, emphasizing its role in advancing crypto integration with traditional finance.
According to Coin Telegraph, Portilho highlighted the significance of providing clients access to the digital asset landscape through this collaboration.
Background on BTG Dol
BTG Dol was initially announced on April 4, 2023, to enable holders to dollarize a portion of their equity.
According to Cryptonews, the stablecoin is built on BTG's proprietary crypto tech platform, Mynt, launched to facilitate user investment in crypto. Portilho previously stated that the stablecoin aimed to offer investors a simpler and safer means of investing in dollars.
Eric Anziani, the chief operating officer of Crypto.com, underscored the substantial potential of the Latin American region. Anziani expressed alignment with BTG's vision of empowering the economy in Latin America through this partnership.
Expansion into Latin America
After acquiring a payment institution license from Brazil's central bank, the new partnership further solidifies Crypto.com's presence in the region. In 2022, Crypto.com obtained the license, enabling it to legally provide regulated fiat wallet services to its customers in Brazil.
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