Crypto services are spreading worldwide. Most of the growth in this regard has been mostly in the West, but more countries and companies are beginning to follow suit. The latest of this is a Brazilian fintech that is starting to offer crypto services in the country. Picpay’s latest innovation that features the space is seeing it bring crypto trading to millions of users in Brazil.
Picpay has announced that it will now be offering trading services in Brazil. This follows BlackRock, the largest digital asset manager in the world, expanding its crypto offering to its clients. Picpay, which operates in a much different market, has noticed a gap in offerings in Brazil and has taken a step forward to fill this gap.
The Fintech is bringing cryptocurrency to Brazilians as another mode of investment for them. It partnered with the New York-based Paxos to provide exchange and settlement services to its users. Picpay has initially made its mark in the Brazilian fintech space as a wallets and payments service provider but has now taken a step in another direction.
Bruno Gregory, Head of Picpay’s Crypto and Web3 business department, explained the move as a way for Picpay to lead the growth of crypto in the country. “PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market by eliminating the complexity that is still associated with it and expanding information on the technology so that everyone can take advantage of this asset class, technology,” Gregory explained.
The most exceptional part of the integration with Paxos is the fact that Picpay is essentially bringing crypto services to more than 30 million people in Brazil. It integrates a wide array of cryptocurrencies in this move, as well as stablecoins. This partnership will allow users to have access to crypto payments in addition to crypto trading services. It also gives users access to the Paxos stablecoin known as USDP.
Crypto market cap at $1.122 trillion | Source: Crypto Total Market Cap on TradingView.com
Furthermore, Picpay plans actually to launch its own flagship stablecoin. This stablecoin will be pegged to the official currency of Brazil, the Real, and will confer the same value. It will allow for easier and faster payments using crypto in the country. It will also allow anyone, not just PicPay users, to be able to pay using cryptocurrency.
Anderson Chamon, co-founder and Vice President of products and technology at Picpay, puts it quite simply; “You will not need to be a Picpay user to use this stablecoin. You can be a tourist coming to Brazil, take Paypal or another digital wallet, buy BRC on an exchange and use it in the Brazilian market.”
Picpay plans to make its stablecoin available to users anywhere that crypto is accepted in the country. “This partnership will make it easier for Brazilians to use digital assets safely in their daily lives,” according to Mike Concetta, Head of Revenue at Paxos.
Featured image from FinanceFeeds, chart from TradingView.com
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