With the creation of its stablecoin backed by the U.S. dollar, the major Brazilian investment firm BTG Pactual continues to integrate new cryptocurrency services.
Using the bank’s custody services, BTG Pactual is ready to introduce the BTG Dol, a new stablecoin tied to the U.S. dollar at a 1:1 ratio. BTG Pactual said on April 4 that the stablecoin will allow holders to “dollarize” a portion of their own and assist clients in interacting with the existing financial system and the emerging digital economy.
“We are innovative in our use of financial technology for the benefit of our clients. By purchasing BTG Dol, investors get access to a simpler, safer, and smarter option to invest in dollars, according to André Portilho, head of digital assets at BTG Pactual.
The new BTG Dol stablecoin is built on Mynt, BTG Pactual’s blockchain technology platform, according to the release. Mynt, which was introduced a year ago, enables users to invest in cryptocurrencies such as Bitcoin (BTC) and Ether.
Marcel Monteiro, the head of operations at Mynt, said:
“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.”
As previously reported, the crypto exchange Gemini, established by Tyler and Cameron Winklevoss, teamed with BTG Pactual to offer custody for some of the bank’s digital asset-related assets.
The Bitcoin 20 Multi-Market Investment Fund of BTG Pactual allegedly became one of the first Bitcoin funds to be formed in Brazil in 2021, with custody and other services supplied by two Gemini subsidiaries; Gemini Custody and Gemini Fund Solutions.
Brazilian banks have adopted cryptocurrency-friendly services for some time now. In February, the big Brazilian bank Banco do Brasil partnered with the local cryptocurrency company Bitfy to allow users to pay their taxes using Bitcoin and other cryptocurrencies.