30 million PicPay users will gain access to buy, sell and store cryptocurrency.
PicPay, a Brazilian payment and wallet app established in 2012 by Dárcio Schwab Stehling Diogo Brumas, Carvalho Roberte Anderson, and Andrade Chamon do Carmo, has announced the launch of its crypto exchange.
According to the announcement shared on the company's blog post, the new exchange feature will allow users to buy, sell and store their cryptocurrency.
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The launch of this feature would not be possible without the collaboration with Paxos, a New York-based financial institution and technology company. Paxos has recently collaborated with PayPal and Venmo to execute various projects.
Executive responsible for PicPay’s crypto and Web3 business unit, Bruno Gregory commented on this project, saying:
PicPay is one of the most disruptive players in payment methods in Brazil and our goal is to lead the popularization of the crypto market, eliminating the complexity that is still associated with it and expanding information on the subject, so that everyone can appropriate this technology.
The initial launch will allow more than 30 million active Paxos users to get familiar with purchasing Bitcoin (BTC), Ethereum (ETH), and Paxos U.S. Dollar-backed stablecoin (USDP). However, the company notes that this is only the beginning. Overall, Paxos aims to add more than 100 cryptocurrencies.
Moreover, in the future, the company is planning to expand its business and allow users to make payments using crypto. This would mean that users will not have to go the extra mile to exchange crypto for fiat and then complete payments.
PicPay is also planning to issue its own “Brazilian real-pegged stablecoin”, which would allow users to complete payments with the app or other wallets.
In other news, a newly launched non-profit organization is set to roll out its training program for Bitcoin developers across Brazil and Latin America.