Brazil’s largest payments app has announced that it will soon be launching crypto payment services to its 65 million-strong customer base in the country.
Crypto Trading For PicPay Users
The company has announced through a blog post that it will launch an in-app crypto exchange allowing users to trade cryptocurrencies. The fintech giant has over 65 million customers who will be able to buy and sell Bitcoin and other cryptos through the PicPay app using fiat currencies. However, it is unclear if the feature will allow users to withdraw the BTC stored in their in-app wallets.
Besides BTC, the app will also be supporting cryptos like ETH and Paxos-backed stablecoin USDP. Paxos is also the service provider behind the app’s interface. The company has already provided crypto management services to Nubank and Mercado Libre.
The PicPay app is planning on onboarding more cryptocurrencies by the end of the year to give potential investors more options.
According to the VP of technology and products at PicPay, Anderson Chamon,
“Our first novelty in the cryptocurrency market will be an exchange, which is a broker for those who want to invest in cryptocurrencies at PicPay. The user who wants to know where to buy cryptocurrencies will be able to do everything through the app, with a very simple, practical and safe experience.”
Other Crypto Offerings On PicPay
Besides launching the exchange, the payments app is also focusing on integrating crypto payments into the economy. It will also allow customers to pay with crypto at any merchant retailer using PicPay as a payment option. Furthermore, PicPay will also launch its own Brazilian real-pegged stablecoin (BRC) to make payments and purchases. According to reports, the BRC stablecoin will not be limited to PicPay users. Even tourists visiting the country can buy BRC on any exchange through any digital wallet and use it in the Brazilian market.
Additionally, the app will be providing educational materials to spread crypto awareness and knowledge among its users. The company is looking to leverage its position as the largest payment app in Brazil to introduce more and more citizens to Bitcoin and other altcoins.
Chamon has commented,
“PicPay will enter the crypto market to lead its popularization not only as an investment, but also as a way to decentralize payments and other financial services. There is still a lot of complexity in the crypto world, and our role is to make it as easy as using money for everyone.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
