BTG Pactual investors may soon be able to purchase a new stablecoin.
BTG Pactual, a prominent Brazilian investment bank, plans to expand its cryptocurrency services and launch a US dollar-backed stablecoin.
Based on the announcement shared on April 4th, the bank intends to introduce its BTG Dol stablecoin via the bank's custody services.
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In its announcement, BTG Pactual revealed that with BTG Dol, the company aims to allow users to "dollarize" a part of their equity and bridge the gap between traditional finance and the digital economy.
André Portilho, BTG Pactual's Head of Digital Assets, emphasized the bank's innovative strategy, stating:
We are innovating in using financial technology for our clients' benefit. When buying BTG Dol, investors have access to an easier, safer, and smarter way to invest in dollars.
The announcement notes that BTD Dol will be based on the bank's in-house crypto technology platform, Mynt. The platform allows customers to invest in the most popular cryptocurrencies, like Bitcoin (BTC) and Ether (ETH). Launched a year ago, Mynt has recently expanded its offering by eight new assets, bringing the total number of supported cryptocurrencies to 22.
Mynt's Head of Operations, Marcel Monteiro, remarked:
We recently launched eight new assets, we already have 22 cryptocurrencies on the platform, and now we have our own stablecoin. This shows that the Bank trusts technology and will continue with its commitment to offering new innovative digital products and services.
It is worth noting that previously, crypto exchange Gemini joined forces with BTG Pactual to offer custody solutions for some of the bank's digital asset funds.
In other Brazil-related news, crypto exchange Coinbase had integrated Brazil’s instant payment network Pix and started accepting Brazilian reals.
