Brazilian Fintech Firm PicPay Plans to Launch Crypto Services

Brazilian financial technology company, PicPay wants to bring crypto payments to users by using its app.

As unveiled by the firm, it hopes to serve as the platform that brings people closer to cryptocurrencies, and as such, it said it has outlined two major ways to help its 30 million active users to gain exposure to the nascent asset class.

The company said it plans to launch a cryptocurrency exchange on the PicPay app for users who want to buy, store and sell digital currencies to do so. Additionally, it has plans to launch a PicPay cryptocurrency, and per its description, this will be a stablecoin that will be pegged to the Brazilian Real.

“Our first novelty on the cryptocurrency market will be an exchange, which is a broker for those who want to invest in cryptocurrencies on PicPay. Users who want to know where to buy cryptocurrencies will be able to do everything through the app, with a very simple, practical and safe experience,” Anderson Chamon, PicPay’s co-founder and VP of Technology and Products, said in a Q&A section in the startup’s latest Blog. 

“PicPay also intends to launch its own real-backed cryptocurrency. That is, even in 2022, the user will be able to pay and receive cryptocurrencies, make crypto transfers and store them on PicPay. In addition, with this novelty, it will be possible to use PicPay in payments worldwide.”

Anderson noted that Bitcoin (BTC), Ethereum (ETH), and the USDP stablecoin would be amongst the first assets to be supported on the app. 

Brazil is considered to be one of the most receptive to digital currencies in Latin America, a move that has pushed outfits like Mercado Libre to adopt crypto payments. The pivotal position of the digital currency ecosystem in the country has also made Coinbase Exchange fix its gaze on Mercado Bitcoin, one of the biggest exchanges in the country, for a potential acquisition.

PicPay is looking to roll out its proposed products in the second half of this year.