On Tuesday (April 4), Brazilian financial powerhouse BTG Pactual, recognized as one of Latin America’s largest investment banks, unveiled its inaugural stablecoin via the bank’s cryptocurrency platform, Mynt.
BTG Pactual, a prominent financial services firm based in Brazil, specializes in investment banking, wealth management, and asset management. Established in 1983, it has grown to become one of Latin America’s leading investment banks. With its headquarters in São Paulo, Brazil, the company also operates from various locations across the globe.
According to BTG Pactual’s press release, this new cryptoasset — dubbed “BTG Dol” — maintains a 1:1 parity with the U.S. dollar, facilitating seamless interaction between the conventional financial system and the burgeoning digital economy.
As a stablecoin, BTG Dol is backed by a stable asset, in this case, the US dollar (USD), providing its holders with a simple, efficient, and secure way to “dollarize” a portion of their equity.
André Portilho, Head of Digital Assets at BTG Pactual, emphasizes the benefits of BTG Dol:
“We’re once more harnessing fintech to serve our clients. By purchasing BTG Dol, investors can enjoy a more straightforward, secure, and intelligent approach to investing in dollars.“
BTG Pactual oversees the custody and management of BTG Dol, ensuring its backing and a comprehensive security framework, including due diligence, anti-money laundering measures, and compliance processes.
Marcel Monteiro, Head of Operations at Mynt, points out that the new cryptocurrency establishes BTG as a market leader.
“We’ve recently added eight new assets, and our platform now hosts 22 cryptocurrencies, including our very own stablecoin. This demonstrates the bank’s confidence in technology and our ongoing commitment to delivering innovative digital products and services, backed by the solid reputation and trust that define BTG.”
BTG Dol is now accessible for purchase on the BTG Pactual investment platform and the Mynt app, with investment opportunities starting at R$100.
Per a report by Decrypt published earlier today, they were told by the bank that the new cryptocurrency will “run on the Polygon—the blockchain behind the 10th largest cryptocurrency by market cap MATIC.”
Featured Image via Pixabay
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