PicPay will launch a crypto payment function, a crypto exchange and its own stablecoin
PicPay plans to launch a crypto payment function, its own crypto exchange and a stablecoin tied to the Brazilian real. According to Brazilian news site NeoFeed, PicPay may launch an exchange feature in its app as early as next month. Initially, it will support Bitcoin, ether and the Paxos Dollar (USDP) stablecoin.
PicPay hopes to support 100 different cryptocurrencies through the application by the end of the year. The firm also plans to launch its own stable coin tied to the Brazilian real, which will be called Brazilian Real Coin (BRC).
Vice President of Technology and ProductsAnderson CHAMON stated on his blog:
"PicPay will enter the crypto market to popularize it not only as an investment, but also as a way to decentralize payments and other financial services."
PicPay is not the only fintech in Brazil using cryptocurrencies. Nubank, a Warren Buffett-backed neobank, announced a deal with Paxos in May to begin offering bitcoin and ether trading on its app.
Image: The Crypto Times
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