Cryptocurrency exchange Bitget partnered with fintech company Capitual to explore participation in Brazil’s central bank digital currency (CBDC) programs.

Capitual is one of the designated CBDC partners of the Central Bank of Brazil.

The announcement was made on Monday, after the two companies jointly participated in the Lide Brazil Conference Lisbon held in Portugal on Feb. 3-4.

The partnership aims to collaborate in the areas of CBDC, align a common strategy in the Mercosur region and extend its reach to government-level endeavors in Latin America.

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Capitual CEO Guilherme Nunes said the expansion plan outside Brazil would benefit Bitget by giving it broader name recognition across markets.

Bitget Managing Director Gracy Chen said the partnership with Capitual would help its expansion in Latin America, a market with a strong potential for growth.

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Photo: Comdas via Shutterstock