Brazilian Fintech Firm ‘Picpay’ To Offer Crypto Exchange Services

Brazilian Fintech Firm 'Picpay' To Offer Crypto Exchange Services

  • More than 60 million app users in Brazil will be able to use the new features.
  • Paxos, a firm known for providing crypto management, has been chosen.

Fintech organizations are increasingly embracing crypto to enhance their service offerings to their clients. Picpay, a Brazilian fintech, and payments firm, announced it would enable its clients to buy cryptocurrency using fiat money. In addition to BTC, ETH, and USDP, a Paxos-backed stablecoin, the business has announced that it would support many more cryptocurrencies.

Crypto Exposure to 60 Million Users 

It’s a big deal for Picpay, says co-founder and vice president of products and technology Anderson Chamon. Updates are planned for next month, although it’s unclear whether the Picpay platform will accept cryptocurrency payments and withdrawals. More than 60 million app users in Brazil will be able to use the new features.

Chamon stated:

Picpay will enter this world very strongly. It will not be an accessory product, it will be a very important line of business.

By way of local media sources, Paxos, a firm known for providing crypto management services to corporations like Mercado Libre and Nubank, has been chosen to handle the service’s implementation in Brazil.

Chamon further stated:

You will not need 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 in the Brazilian market.

Picpay has announced that it plans to have more than 100 cryptocurrencies in its wallet by the end of the year, giving investors a wide variety of choices. An even more ambitious proposal is the creation of a Brazilian real-pegged stablecoin, which will be utilized for payments and purchases.

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