BTG Pactual, one of the biggest banking institutions in Latin America, has joined with Crypto.com in a push to advance crypto banking within the region.
On Feb. 27, Crypto.com announced that it will list BTG Pactual’s BTG Dol, a stablecoin pegged to the United States dollar at a 1:1 ratio. The crypto exchange highlighted in the announcement that the new collaboration would involve promoting the use of the new stablecoin by pairing it with popular crypto assets.
https://t.co/vCNztATkNg and BTG Pactual are teaming up to advance crypto powered banking services in Latin America and beyond
— Crypto.com (@cryptocom) February 27, 2024
Together, we're committed to bridging #tradfi and #crypto securely and reliably across the region
Learn more: https://t.co/OIGLhRlQVy pic.twitter.com/GYUuzKRoKE
Apart from listing BTG Dol, Crypto.com and BTG Pactual will promote the stablecoin by pairing it with prominent digital assets like Bitcoin (BTC) and Ether (ETH). According to the exchange, this aligns with the strategic partnership’s goal to jump-start the digital economy in Latin America and connect traditional and digital finance for its users.
BTG's head of digital assets, Andre Portilho, said that the new partnership with Crypto.com pushes them forward to their goal of integrating crypto with traditional finance. Portilho highlighted that this move allows them to give their clients access to the digital asset landscape.
The stablecoin was first announced on April 4, 2023, with the goal of helping holders dollarize a part of their equity. The stablecoin is based on BTG’s own crypto tech platform, Mynt, which was launched to allow users to invest in crypto. Back then, Portilho said that the stablecoin’s purpose was to allow investors to have an easier and safer way to invest in dollars.
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Meanwhile, Crypto.com’s chief operating officer, Eric Anziani, said the Latin America region has a significantly high potential. The executive said that they share BTG’s vision of empowering the economy within Latin America.
The new partnership also builds upon Crypto.com’s entry into the region through its acquisition of a payment institution license from Brazil’s central bank. In 2022, Crypto.com announced that the license will legally allow the exchange to continue offering regulated fiat wallet services for its customers in Brazil.
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