The cryptocurrency exchange Crypto.com and BTG Pactual have partnered to boost banking services in Latin America. This collaboration aims to bridge traditional finance with the digital economy for millions of customers across the region.
This partnership involves the integration of BTG DOL, BTG's proprietary stablecoin pegged 1:1 to the US dollar, by Crypto.com. Launched with the support of BTG Pactual, BTG DOL facilitates transactions between traditional financial systems and the digital economy.
Expanding Financial Horizons
Eric Anziani, the President and Chief Operating Officer of Crypto.com, mentioned: "We at Crypto.com share BTG's vision of innovating financial technology responsibly to empower the economy. We are incredibly proud and excited to partner with BTG and to help broaden accessibility to the emerging digital economy in a significantly high potential region."
According to the press release, the partnership aims to democratize access to the digital economy by empowering individuals and businesses in Latin America. By leveraging financial technology, Crypto.com and BTG Pactual plan to drive economic growth and financial inclusion across the region.
https://t.co/vCNztATkNg and BTG Pactual are teaming up to advance crypto powered banking services in Latin America and beyond????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
— Crypto.com (@cryptocom) February 27, 2024
The partnership between Crypto.com and BTG Pactual builds upon Crypto.com's presence in Latin America. The crypto exchange holds a Payment Institution License from the Central Bank of Brazil with its Crypto.com Visa Card available in the region.
Crypto.com's Global Expansion
Last year, Crypto.com, PayPal, and Paxoscollaborated to facilitate the trading of PayPal USD (PYUSD) stablecoin on the Crypto.com platform. Crypto.com's latest partnership with PayPal and Paxos positioned it as one of the platforms for trading PYUSD.
PayPal launched PYUSD in August 2023, marking its foray into the stablecoin market. The collaboration between Crypto.com, PayPal, and Paxos underscored the increasing integration of traditional finance and the cryptocurrency ecosystem, Finance Magnates reported.
Additionally, Crypto.com secured a license from the Dutch central bank last year, enabling it to offer cryptocurrency services in the Netherlands. This marked another milestone for the Singapore-based exchange, following its approvals in Spain and France. In France, the company holds a Digital Asset Service Provider license, while in the UK, it operates under a crypto asset business license.
This article was written by Jared Kirui at www.financemagnates.com.
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