South East Asia and Latin America, Tech
Crypto.com pairs up with Latin America’s biggest investment bank in stablecoin push
1. BTG Pactual, one of the biggest banking institutions in Latin America, has joined with Crypto.com in a push to advance crypto banking within the region.
2. On Feb. 27, Crypto.com announced that it will list BTG group’s BTG Dol, a stablecoin pegged to the U.S. dollar at a 1:1 ratio.
3. Crypto.com and BTG Pactual are teaming up to advance crypto powered banking services in Latin America and beyond.
4. Crypto.com will promote the BTG Dol stablecoin by pairing it with digital assets like Bitcoin and Ether on its trading platform.
5. This is in line with the strategic partnership’s goal to jump-start the digital economy in Latin America and connect traditional and digital finance for its users.
6. This move allows them to give their clients access to the digital asset landscape.
7. The stablecoin was first announced on April 4, 2023, with the goal of helping holders “dollarize” a part of their equity.
8. The stablecoin is based on BTG's own crypto tech platform, Mynt, which was launched to allow users to invest in crypto.
9. BTG’s vision of empowering the economy within Latin America.
https://cointelegraph.com/news/crypto-com-btg-stablecoin-push
Southeast Asia lays the groundwork to become crypto, blockchain, AI hub
Five countries in South and Southeast Asia being among the global top 10 for crypto adoption*.
Despite many of these countries being open to new frontiers in the fintech space, more than 70% of adults in Southeast Asia still are without sufficient access to financial services, while millions of small and medium-sized enterprises in the region face large funding gaps.
... crypto helps bridge the gaps in the region and fosters economic empowerment of such groups, ushering in a “new era of comprehensive financial accessibility.”
“Rather than adopting a restrictive approach, these *frameworks* often focus on
- providing clarity,
- fostering innovation and
- ensuring consumer protection.”
... the synergy between the AI, crypto and blockchain sectors in Southeast Asia holds “immense potential” for advancing the area into a global tech hub.
“The adoption and integration of AI technologies have the potential to drive innovation, improve efficiency across various sectors and position Southeast Asia as a key player in the global tech-driven economy.”
According to data from the US-ASEAN Business Council**, AI has the potential to contribute nearly $1 trillion to the gross domestic product of Southeast Asia by 2030 notably for Indonesia, one of the region’s largest economies.
https://cointelegraph.com/news/southeast-asia-groundwork-crypto-blockchain-ai-hub
* https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/
** https://www.newamerica.org/planetary-politics/blog/what-will-ai-mean-for-asean/
