Picpay, a payment and wallet app, now provides cryptocurrency services to over 30 million users in Brazil. The company, which announced the rollout last month, now allows customers to buy, hold and sell digital assets from its platform. The organization has partnered with Paxos, the issuer of the pax dollars stablecoin, to provide these services.
Picpay launches crypto trading services in Brazil
Fintech companies are introducing crypto as a way to familiarize their clients with cryptocurrency as an alternative investment opportunity. Picpay, one of the largest payment and wallet apps in Brazil, has announced the rollout of its cryptocurrency trading services program in the country. The company, which now has over 30 million active users, will allow them to buy, hold and sell cryptocurrency directly through its app.
Exchange and settlement services will be provided by Paxos, a New York-based blockchain services platform. In the first iteration of the service, Picpay only lists bitcoin, ethereum, and Paxos’ own dollar-pegged stablecoin, USDP, on its internal exchange. However, the company plans to list more than 100 cryptocurrencies.
Commenting on the significance of this new development, Bruno Gregory, Head of Crypto at Picpay, said:
Our goal is to lead the growth of the crypto market, removing the complexity still associated with it and expanding technology insights, so that everyone can benefit from this asset class and technology.
Stablecoin and Payment Plans
Picpay aims to go beyond just entering the crypto market in Brazil by bringing crypto investments to the average Brazilian. The organization is working on a service that allows crypto users to make payments directly with crypto, without having to exchange those assets for fiat currency first.
Similarly, the system will liquidate cryptocurrency assets for merchants receiving the crypto, protecting them from volatility and allowing them to store stable assets. In a similar vein, Picpay plans to issue its own Brazilian stablecoin, with the intention of using it for payments with the app or another wallet.
According to statements by Anderson Chamon, co-founder and vice president of products and technology at Picpay, this would allow tourists to buy this token on any exchange and make payments with the digital token directly. to Picpay-enabled merchants.
What do you think of the deployment of crypto services by Picpay in Brazil? Tell us in the comments section below.
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