Major Brazilian investment bank BTG Pactual continues to roll out new cryptocurrency services, launching its own stablecoin backed by the U.S. dollar.
BTG Pactual is preparing to use the bank’s custody service to launch BTG Dol, a new stablecoin pegged 1:1 to the U.S. dollar. Announcing the news on April 4, BTG Pactual said the stablecoin will enable holders to “dollarize” some of their equity and help clients interact between the traditional financial system and the new digital economy.
“We are innovating the use of financial technology for the benefit of our clients. When buying BTG Dol, investors get a simpler, safer and smarter way to invest in dollars,” said André Portilho, Head of Digital Assets at BTG Pactual. According to the announcement, the new BTG Dol stablecoin is based on Mynt, BTG Pactual’s proprietary crypto platform. Mynt, launched a year ago, allows users to invest in cryptocurrencies like Bitcoin and Ethereum. Mynt's Head of Operations Marcel Monteiro said:
“We recently launched eight new assets, we already have 22 cryptocurrencies on the platform, and we now have our own stablecoin. This demonstrates that the bank trusts technology and remains committed to delivering new and innovative digital products and services.” As previously reported, Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has partnered with BTG Pactual to provide custody services for some of the bank’s digital asset-related funds. BTG Pactual’s Bitcoin 20 Multi-Market Investment Fund has reportedly become one of the first Bitcoin funds to launch in Brazil in 2021, with custody and other services provided by two Gemini subsidiaries, Gemini Custody and Gemini Fund Solutions.
For some time now, Brazilian banks have been adopting more crypto-friendly services. In February, major Brazilian bank Banco do Brasil enabled customers to pay taxes in cryptocurrencies such as Bitcoin through a joint initiative with local cryptocurrency firm Bitfy.
