Crypto.com Unites with Largest Bank in South America

BTG Pactual, a major banking institution in Latin America, has teamed up with Crypto.com to drive forward crypto banking in the region.

Crypto.com revealed on Feb. 27 that it would be listing BTG Pactual’s BTG Dol, a stablecoin pegged to the US dollar at a 1:1 ratio.

The crypto exchange emphasized in its announcement that the collaboration aims to promote the usage of the new stablecoin by pairing it with popular crypto assets.

In addition to listing BTG Dol, Crypto.com and BTG Pactual plan to promote the stablecoin by pairing it with leading digital assets such as Bitcoin and Ether.

This initiative, according to the exchange, is in line with the strategic partnership's objective of catalyzing the digital economy in Latin America and bridging the gap between traditional and digital finance for users.

Andre Portilho, BTG's head of digital assets, noted that the partnership with Crypto.com propels them closer to their goal of integrating crypto with traditional finance.

Portilho underscored that this move enables them to provide their clients with access to the digital asset landscape.

The stablecoin was initially announced on April 4, 2023, with the aim of allowing holders to denominate a portion of their equity in dollars.

Built on BTG’s proprietary crypto technology platform, Mynt, which was introduced to enable users to invest in crypto, the stablecoin was introduced to offer investors a simpler and safer means of investing in dollars.

Meanwhile, Eric Anziani, Crypto.com’s chief operating officer, highlighted the significant potential of the Latin America region.

He stated that they share BTG’s vision of bolstering the economy in Latin America.

This partnership also expands on Crypto.com's presence in the region, following its acquisition of a payment institution license from Brazil’s central bank.

In 2022, Crypto.com announced that the license would enable the exchange to continue providing regulated fiat wallet services to its customers in Brazil.

Sources:

https://cointelegraph.com/news/crypto-com-btg-stablecoin-push

https://crypto.com/company-news/cryptocom-enters-into-strategic-agreement-with-btg-pactual

https://twitter.com/cryptocom/status/1762451399542030469