Picpay is a payment and wallet app that now offers cryptocurrency services to over 30 million Brazilian users. This rollout was announced by the company last month. Customers can now purchase, hold and sell digital assets through its platform. These services were provided by the organization that partnered with Paxos (the issuer of paxos stablecoin).
Picpay Launches Crypto Trading Services in Brazil
As a means of getting customers to explore cryptocurrency, fintech firms are using it as a method of introducing the currency. Picpay, one the largest payment and wallet app in Brazil has launched its crypto trading program. Picpay, with more than 30,000,000 active users, allows customers to buy, hold and sell cryptocurrency directly from its app.
Paxos will provide the exchange and settlement services. Paxos is a New York-based platform for blockchain services. In the service’s first iteration, Picpay is only listing bitcoin, ethereum, and Paxos’ own dollar-pegged stablecoin, USDP, on its internal exchange. The company plans to list over 100 cryptocurrencies.
Bruno Gregory (head of crypto at Picpay) spoke about the importance and significance of this latest development:
Our mission is to help the cryptocurrency market grow by simplifying it, and providing more information on technology so everyone has access.
Stablecoin, Payment Plans
Picpay plans to do more than simply enter Brazil’s crypto market by offering cryptocurrency investments to average Brazilians. Picpay is developing a service that will allow users of crypto to pay directly using crypto without the need to first exchange crypto for fiat.
The system will also liquidate cryptocurrency assets received by merchants, protecting them against volatility while allowing them safe storage of stable assets. Picpay will issue its own Brazilian-real-pegged stablecoin in the same spirit. It plans to use it to make payments through the app and a separate wallet.
Anderson Chamon is the co-founder of Picpay and vice-president for products and technology. He stated that tourists would be able to purchase these tokens on any exchange. They could also make direct payments to Picpay-enabled merchants using this digital token.
What do you think about Picpay’s rollout of crypto services in Brazil? Comment below.
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