PicPay, a payment company in Brazil, will offer cryptocurrencies to its customers and launch its stablecoin backed by the Brazilian real. Its 30 million active users will be able to buy and transfer Bitcoin (BTC), Ethereum (ETH), and USDP from Paxos, as well as pay with it.
Fintech PicPay gets into cryptocurrencies
Brazilian payment specialist PicPay will offer cryptocurrencies to its customers. The app has a total of 30 million active users per month, or about 14% of the country’s population.
The fintech thus chooses to meet a growing demand towards our ecosystem. In fact, it estimates that in Brazil, twice as many people are interested in cryptos as in the stock market. It will be possible to use Bitcoin (BTC), Ether (ETH) and USDP from Paxos to make payments in the 5 million or so establishments that accept PicPay.
Anderson Chamon, co-founder and CEO of the platform, intends to make it easier for Brazilians to access the blockchain world:
“PicPay will enter the cryptocurrency market to lead its popularization not only as an investment, but also as a way to decentralize payments and other financial services.”
Without giving a specific date, the company announced that these assets will be available for transfer as early as this year. The app will then function as a true exchange, expanding payments to the entire world.
A stablecoin backed by the Brazilian real (BRL)
Beyond the three major crypto-currencies that PicPay will offer, the company will also make available a stablecoin patterned after the Brazilian real: the Brazilian Real Coin (BRC).
We have little information on how this asset will maintain its peg to the BRL. That said, the inclusion of the USDP as the platform’s primary stablecoin may lead us to speculate about a possible collaboration with Paxos.
According to a study by Gemini, 41% of Brazilians held cryptocurrencies in 2021. While this figure cannot be attested to with certainty, it is however a proven fact that Latin America is a buoyant market for cryptocurrencies.
Moreover, let’s note that PicPay is a major player in Brazil. Founded in 2012, the platform generates $1.25 billion in monthly volumes and employs 3,600 people. By offering an intuitive solution, this company will thus be able to become a vector for the democratization of cryptocurrencies.
