This Brazilian Fintech Brings Crypto Trading to 30 Million People
Crypto services are spreading all over the world. Most of the growth in this regard has mostly been in the West, but more countries and companies are beginning to follow suit. The latest of these is a Brazilian fintech that is starting to offer crypto services in the country. Picpay’s latest innovation that features the space is that it brings crypto trading to millions of users in Brazil.
Picpay reveals new crypto offer
Picpay has announced that it will now offer trading services in Brazil. This follows BlackRock, the largest digital asset manager in the world, expanding its crypto offering to its clients. Operating in a much different market, Picpay has noticed a gap in its offerings in Brazil and has taken a step forward to fill this gap.
Fintech brings cryptocurrency to Brazilians as another way of investing for them. It partnered with New York-based Paxos to provide exchange and settlement services to its users. Picpay has initially made its mark in the Brazilian fintech space as a provider of wallets and payment services, but has now taken a step in a different direction.
Bruno Gregory, head of Picpay’s Crypto and Web3 business division, explained the move as a way for Picpay to lead the growth of crypto in the country. “PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market by eliminating the complexities still associated with it and expanding information about the technology so that everyone can benefit from it. asset class, technology ,” Gregory explained.
The most exceptional part of the integration with Paxos is the fact that Picpay essentially brings crypto services to more than 30 million people in Brazil. It integrates a wide range of cryptocurrencies in this move as well as stablecoins. This partnership will allow users to access crypto payments in addition to crypto trading services. It also gives users access to Paxos stablecoin known as USDP.
Crypto market cap at $1.122 trillion | Source: Crypto Total Market Cap on TradingView.com
Moreover, Picpay is actually planning to launch its own flagship stablecoin. This stablecoin will be linked to the official currency of Brazil, the Real, and will provide the same value. It will allow easier and faster payments using crypto in the country. It will also allow anyone, not just PicPay users, to be able to pay with cryptocurrency.
Anderson Chamon, co-founder and vice president of products and technology at Picpay, puts it simply; “You don’t have to be a Picpay user to use this stablecoin. You can be a tourist coming to Brazil, take Paypal or another digital wallet, buy BRC on an exchange and use it on the Brazilian market.”
Picpay plans to make its stablecoin available to users anywhere crypto is accepted in the country. “This partnership will make it easier for Brazilians to use digital assets safely in their everyday lives,” according to Paxos Chief Revenue Officer Mike Concetta.
Featured image from FinanceFeeds, chart from TradingView.com
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