The firm officially announced on Wednesday that PicPay customers can now buy, sell, and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay noted that their choice is due to the real use cases these digital assets provide, including security and many other benefits. The company stated:
“Blockchain technology, which is behind currencies like Bitcoin and Ethereum, is already used in real estate, in the insurance industry, and even in the art market, through non-fungible tokens.”
The new cryptocurrency feature has been enabled thanks to a partnership with major crypto asset company, Paxos. and allows customers to use the US dollar-backed stablecoin USDP issued by Paxos. Acting as a broker and custodian, Paxos is known for cooperating with some of the largest traditional financial companies in the world, such as PayPal and Venmo.
The integration marks PicPay’s first move to introduce its 30 million customers to the digital asset space and help them understand how people can benefit from the potential of the growing asset class. The Brazilian fintech app is working on a feature that allows its customers to make payments in cryptocurrencies.
“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” PicPay head of crypto Bruno Gregory said. “One of the main challenges associated with the adoption of cryptocurrencies is to remove its complexity by expanding the information about the technology so that everyone can take advantage of the new asset class”, he added.
Cryptocurrency adoption in Brazil has recently taken off, with major local digital asset companies such as Bitcoin Market that are actively expanding their operations. Local lawmakers have been working to introduce crypto-friendly regulation, initiating a bill to legalize payments with cryptocurrencies in June 2022.
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