KEY FACTS: Banco de Crédito del Perú (BCP), Peru's oldest and largest bank, has launched Cryptococos, the nation's first regulated cryptocurrency platform, in partnership with U.S.-based BitGo. This is a historic step in integrating digital assets into Peru's financial system. The platform allows select BCP clients to buy, hold, and trade Bitcoin and USDC within a secure, compliant environment, with transactions limited to a closed-loop system to meet anti-money laundering and counter-terrorism financing regulations. Approved by Peru's Superintendencia de Banca, Seguros y AFP (SBS) as a pilot program, Cryptococos requires users to undergo risk assessments and leverages BitGo’s institutional-grade custody solutions.

Source: LEO BitGo

Peru's Largest Bank Partners with BitGo to Launch Crypto-Enabled Banking Platform 'Cryptococos'

Banco de Crédito del Perú (BCP), the country's oldest and largest bank, has unveiled Cryptococos, a pioneering cryptocurrency platform that marks Peru's inaugural regulated entry into the world of digital assets. Powered by U.S.-based digital asset infrastructure giant BitGo, this initiative bridges traditional banking with blockchain technology. It also signals a cautious yet optimistic shift in Peru's approach to cryptocurrencies amid a region-wide surge in adoption.

The announcement, made public on Thursday via a Business Wire release, comes at a time when Latin American nations are increasingly embracing digital currencies to combat economic volatility and enhance financial inclusion. With Bitcoin trading at approximately $121,428 and USDC stablecoin holding steady at $1, Cryptococos offers select BCP clients a secure gateway to purchase, hold, and trade these assets—all under the watchful eye of Peru's stringent financial regulators. This closed-loop system ensures that transactions remain traceable, compliant with anti-money laundering (AML) and counter-terrorism financing (CTF) protocols, and confined within the platform to mitigate risks associated with external wallet transfers. "This is a historic moment for BCP and for Peru," the bank stated in its official release, which read in part:

"For the first time, a regulated Peruvian financial institution is authorized to provide customers with direct access to digital assets, fostering innovation while upholding the highest standards of security and regulatory compliance."

TBCP's partnership with BitGo, a company renowned for its institutional-grade custody solutions, is aimed at demystifying crypto for everyday Peruvians, starting with a controlled pilot program.

Participating in Cryptococos is a deliberate process designed to prioritize user education and risk management. Prospective users must first register on the platform and demonstrate a minimum history of banking with BCP, underscoring the bank's commitment to serving its established clientele. Once registered, individuals undergo a comprehensive investment risk assessment, tailored to gauge their understanding of cryptocurrency volatility and market dynamics.

Upon approval, users gain access to a user-friendly interface where they can buy and sell Bitcoin (BTC) and USD Coin (USDC). All fiat on-ramps and off-ramps are handled seamlessly through BCP's traditional banking channels, converting Peruvian soles into digital assets without the need for external exchanges. The platform is designed to ensure that every transaction is fully traceable, providing peace of mind for users and regulators alike. This emphasis on security is no small feat in a market where crypto scams and hacks have eroded public trust globally.

BitGo's involvement cannot be overstated. Founded in 2013, the Massachusetts-based firm has built a reputation as a fortress for digital wealth, offering cold storage wallets, multi-signature security, and compliance tools to over 1,500 institutional clients worldwide. Their technology backbone will handle custody, ensuring that users' assets are protected against cyber threats and operational failures.

To fully appreciate the significance of this launch, one must understand BCP's stature. Established in 1889 during Peru's turbulent post-independence era, the bank has weathered economic booms, busts, and everything in between, from the rubber fever of the early 20th century to the hyperinflation crises of the 1980s. Today, as Peru's preeminent financial institution, BCP oversees a staggering $52 billion in assets, according to its December 2024 integrated report. With a network spanning urban centers like Lima and remote Andean villages, it serves millions of Peruvians, from small business owners to multinational corporations.

Under the leadership of CEO Gianfranco Ferrari, BCP has long positioned itself as a forward-thinking entity, investing in fintech and digital transformation long before crypto became a buzzword. "Our goal has always been to evolve with our customers' needs," Ferrari noted in a recent internal memo leaked to financial media. Cryptococos represents the culmination of years of regulatory dialogue with the Superintendencia de Banca, Seguros y AFP (SBS), Peru's banking watchdog, which greenlit the pilot as a "sandbox" experiment to test the waters of digital asset integration.

Peru's relationship with cryptocurrencies has been a tale of untapped potential shadowed by regulatory ambiguity. While the country does not outright ban digital assets, citizens are free to buy, sell, and hold them. The lack of a comprehensive framework has kept major banks on the sidelines. Crypto trading volumes in Peru have grown steadily, fueled by remittances from the U.S. and Europe, but without clear guidelines, adoption has been patchy, dominated by peer-to-peer platforms and offshore exchanges.

The SBS's pilot authorization for Cryptococos is a watershed moment that could pave the way for broader acceptance. By confining the platform to a select group of users, regulators can monitor real-world impacts, from transaction flows to consumer complaints, before scaling up.

This move aligns with a regional trend where Latin American countries are leveraging crypto to address chronic issues like inflation and unbanked populations. According to Chainalysis's 2025 Latin America Crypto Adoption Report, the region received over $200 billion in crypto value last year, with Peru ranking in the top 10 for grassroots adoption. Neighbors like El Salvador, with its Bitcoin-as-legal-tender experiment, and Brazil, boasting a robust stablecoin market, have set precedents that Peru is now following.

BCP's entry is part of a burgeoning fintech ecosystem challenging traditional banks. Take Lemon Cash, an Argentina-based disruptor that slipped into Peru in August 2024 with a hybrid model blending local and international licenses. Partnering with an SBS-authorized entity for electronic money issuance in soles, Lemon Cash operates its crypto exchange under an El Salvador license, allowing seamless fiat-to-crypto conversions.

Since its Peruvian debut, Lemon Cash has exploded in popularity, amassing 1 million users and distributing over 150,000 Visa debit cards linked to crypto wallets. Users can spend Bitcoin earnings on everyday purchases or hedge against the sol's fluctuations—all from their phones. On Wednesday, the company closed a $20 million Series B funding round, led by U.S. venture firms F-Prime Capital and ParaFi, earmarking the cash for expansion across Latin America.

Beyond private sector strides, Peru's public institutions are warming to blockchain. In 2024, the Central Reserve Bank of Peru (BCRP) collaborated with telecom giant Bitel to launch a digital sol pilot, enabling rural Peruvians to transact via blockchain-based mobile wallets. This initiative, aimed at the 40% of the population without traditional bank accounts, processed thousands of micropayments in its first phase, proving the technology's viability for financial inclusion.

In September 2025, Peru announced a blockchain-integrated digital voting pilot with Stamping.io, a digital identity startup. Set to debut ahead of the April 12, 2026, national elections, the program promises tamper-proof ballots and real-time transparency, potentially revolutionizing democracy in a country long plagued by electoral distrust.

As Cryptococos rolls out to its initial cohort, all eyes are on metrics like user sign-ups, transaction volumes, and feedback loops. Success here could accelerate SBS approvals for other banks, transforming Peru from a crypto bystander to a proactive player. For everyday Peruvians, it means new tools to safeguard savings amid global uncertainties.

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