Brazilian PicPay launches crypto exchange as the first step in integration with Paxos, in order to educate 30 million clients about digital assets, including Bitcoin.
The popular Brazilian payment service PicPay has integrated a cryptocurrency exchange facility that enables users to purchase Bitcoin (BTC) and Ether (ETH).
Brazilian PicPay Launches Crypto Exchange
The company formally announced on Wednesday that users of PicPay can now purchase, sell, and store either Bitcoin or Ethereum straight on the company’s app. PicPay emphasized that its decision was made as a result of the practical use cases that these digital assets offered, including security and numerous other advantages. The business said:
“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.”
Customers can use the new cryptocurrency functionality, which was made possible by a collaboration with the well-known cryptocurrency firm Paxos, to use the USDP stablecoin, which is backed by U.S. dollars. Paxos, which serves as a broker and custodian, is renowned for its partnerships with some of the biggest traditional financial institutions in the world, including PayPal and Venmo.
First Steps
The integration is PicPay’s first step in introducing its 30 million clients to digital assets and assisting them in comprehending how individuals can take advantage of the potential of the developing asset class. The Brazilian fintech app is developing a feature that will let users purchase using cryptocurrency as well.
“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” said the head of crypto at PicPay, Bruno Gregory.
He stated that one of the main obstacles to crypto adoption is reducing its complexity by disseminating information about the technology so that everybody may benefit from the new asset class.
Brazil has recently seen a surge in the acceptance of cryptocurrencies, with prominent local companies like Mercado Bitcoin actively extending their operations. In June 2022, a measure to authorize cryptocurrency payments will be introduced by local MPs as part of their efforts to establish crypto-friendly regulations.
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