Brazilian payment service app PicPay in partnership with Paxos has launched a cryptocurrency exchange facility that enables its 30 million users to purchase digital assets such as Bitcoin (BTC) and Ether (ETH).
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 is made possible by a collaboration with the well-known cryptocurrency firm Paxos, to use the US dollar-backed stablecoin USDP that Paxos has produced.
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.
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.
Bruno Gregory, PicPay’s head of crypto, said, “PicPay is one of the most innovative companies in payments in Brazil, and our goal is to lead the expansion of the crypto sector.”
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.
