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Picpay Rolls Out Crypto Trading Options To More Than 30 Million Users In Brazil – Exchange Bitcoin News
Picpay, a payment and wallet app, now offers cryptocurrency services to more than 30 million users in Brazil. The company, which had announced this rollout last month, now allows its customers to buy, hold and sell digital assets from the platform. The organization 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 introduce their customers to 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 program in the country. The company, which now has more than 30 million active users, will allow them to buy, hold and sell cryptocurrencies directly through its app.
The exchange and settlement services will be provided by Paxos, a New York-based blockchain service platform. In the service’s first iteration, Picpay only lists bitcoin, ethereum and Paxo’s own dollar-pegged stablecoin, USDP, on its internal exchange. However, the company has plans to list more than 100 cryptocurrencies.
Commenting on the importance of this new development, Bruno Gregory, head of crypto at Picpay, stated:
Our goal is to lead the growth of the crypto market, by eliminating the complexity still associated with it and expanding information about the technology, so that everyone can benefit from this asset class and technology.
Stablecoin and payment plans
Picpay aims to go further than just entering the crypto market in Brazil by offering crypto investments to the average Brazilian. The organization is working on a service to allow crypto users to make payments directly with crypto, without having to exchange those assets for fiat money first.
Likewise, the system will liquidate the cryptocurrency assets of the sellers who receive crypto, protecting them from volatility and allowing them to store stable assets. Similarly, Picpay plans to issue its own Brazilian real-pegged 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 will 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 Picpay’s crypto services rollout in Brazil? Tell us in the comments section below.
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