Picpay, a payment and wallet app, 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 the stablecoin pax dollars).
As a way to get their customers familiar with crypto, fintech companies are using it as a way to introduce cryptocurrency. Picpay, one the largest payment and wallet apps, announced that it has launched its cryptocurrency trading services program. Picpay, with more than 30,000,000 active users, will enable them to buy, hold, or sell cryptocurrencies through their app.
Paxos, a New York-based platform for blockchain services, will provide the exchange and settlement services. Picpay’s initial iteration of the service lists bitcoin, ethereum and Paxos own dollar-pegged stablecoin USDP on its internal exchange. The company plans to list more than 100 cryptocurrency.
Bruno Gregory, Picpay’s head of crypto, spoke out about the importance of this development.
Our goal is to facilitate the growth of crypto markets by removing the complexity and increasing information about the technology. This will allow everyone to take advantage of this asset and technology.
Stablecoin, Payment Plans
Picpay is looking to offer crypto investments to Brazilians, rather than just enter the Brazilian crypto market. Picpay is developing a service that will allow crypto users to pay directly with crypto without the need to first exchange crypto for fiat money.
The system will also liquidate cryptocurrency assets received by merchants, protecting them against volatility and allowing them store stable assets. Picpay will issue its own Brazilian-real-pegged stablecoin in the same vein. It plans to use it to make payments through the app or another wallet.
According to statements by Anderson Chamon (co-founder and vice-president of products and technology at Picpay), this would allow tourists purchase the token on any exchange, and make payments directly to Picpay merchants using the digital token.